Value in Big Data for Marketing

Marketers can sometimes feel threatened by the term big data due to the misconception that this is only a concern of specialists in Technology Information. However, despite its apparent complexity, it is something that we are all dealing with on a daily basis, whether in personal or professional life. Big data refers to the storage of an immense amount of data, also as the ability to find value in this information, at high speed.

As I already mentioned on the blog. There are five components considered as the basis of big data: value, volume, speed, variety, and veracity. The Value is the one most relevant. It is great to have access to a massive amount of information every second, but that will not do any good if it can't generate value. It is important for companies to enter the Big Data business, but it is always important to remember the costs and benefits and try to add value to what you are doing.

According to Shanawaz data is being produced in large volumes today thus just collecting it is of no use. Instead, data from which business insights are garnered add ‘value’ to the company in the context of big data, value amounts to how worthy the data is of positively impacting a company’s business. This is where big data analytics come into the picture. While many companies have invested in establishing data aggregation and storage infrastructure in their organizations, they fail to understand that the aggregation of data does not equal value addition. What you do with the collected data is what matters. With the help of advanced data analytics, useful insights can be derived from the collected data. These insights, in turn, are what add value to the decision-making process.

A critical starting point for organizations looking to increase the value of data is to think beyond simply combining and recombining huge data sets in the quest for answers. "Volume and variety are fairly easy to deal with because it's fairly simple, using today's technology, to dump a lot of raw data into an analytics program," explains Capgemini's Belliappa. Creating value and moving the organization forward are far more difficult because many business leaders are not even clear about the business problem they are trying to solve or what they want to do with all the data.

In conclusion, there are some debates to explain how organizations realize social and economic value from big data that require attention from future research. Additionally, two features of big data portability and interconnectivity that influence how organizations realize value from big data in practice. Value from big data is the result of continuous interaction between work practices, organizational models, and stakeholder interests, and call for empirical research on cross-level interactions and alignment. Based on future empirical evidence, the scholars may be able to judge to what extent big data value meets its expectations, both for organizations seeking to strategically benefit from big data and society as a whole. (Elsevier, 2017).

References:

Acuvate. (2019). Understanding the 5Vs of Big Data - Acuvate. [online] Available at: https://acuvate.com/blog/understanding-the-5vs-of-big-data/ [Accessed 17 Feb. 2020].

Baselinemag.com. (2016). How to Unlock the Value From Big Data. [online] Available at: http://www.baselinemag.com/analytics-big-data/how-to-unlock-the-value-from-big-data.html [Accessed 19 Feb. 2020].

Günther, W., Rezazade Mehrizi, M., Huysman, M. and Feldberg, F. (2017). Debating big data: A literature review on realizing value from big data. The Journal of Strategic Information Systems, 26(3), pp.191-209.