by John Turtle
ROI on Big Data
For most companies the concept of Big Data is just that, a concept, if you are an SME you are close enough to your consumers to understand their needs and be light enough on your feet to react to any changes.
The further you get away from your customers, it would seem, the more data you need. It is only then it becomes Big Data, more data than you can comprehend on a A4 sheet of paper I would suggest becomes Big Data.
Sadly it would seem, reading various reports, that it is the ability to hold and process yottabytes (YB) and spend large chunks of your budget on outsourcing the process that is key - not the understanding of customers.
So is the problem not the amount and complexity of data you hold but rather how far you are away from the customer?
How about forgetting about the cost, time and operational changes required to gather the data and simply get closer to the customer. Spend time on the shop floor or talking to your customers rather than looking at pages of numbers generated by various algorithms which have been interpreted by a range of mystics!
All marketers will be aware that in 2013 they will be under pressure to deliver growth with, at best, a static budget, and at worst a cut. So the ‘bean counters’ will be watching ROI very keenly, all I can suggest is that if you are going down the Big Data route make sure you conduct a data cleansing exercise prior to setting off on any analysis.