Big Data And Marketing Department Essay

Big data analytics can be used by company to make informed business decision by examining large amount of varied data to get customer preferences, market trends and other useful information. Company can use it to explore new revenue opportunities, improved operational efficiency, better customer service and competitive advantages over rivals.

Big Data is an expansive phrase for data sets so called big, large or complex that they are very difficult to process using traditional data processing applications. Challenges include analysis, capture, curation, search, sharing, storage, transfer, visualization, and information privacy. In common usage, the term big data has largely come to refer simply to the use of predictive analytics. Big data is a set of techniques and technologies that need or require new forms of integration to expose large invisible values from large datasets that are diverse, complex, and of a massive scale. When big data is effectively and efficiently captured, processed, and analyzed, companies

Technology companies are using big data to analyze millions of voice samples to deliver more reliable and accurate voice interfaces. Banks are using big data techniques to im- prove fraud detection. Health care providers are leveraging more detailed data to im- prove patient treatment. Big data is being used by manufacturers to improve warranty management and equipment monitoring, as well as to optimize the logistics of getting their products to market. Retailers are harnessing a wide range of customer interactions, both online and offline, in order to provide more tailored recommendations and optimal pricing.96

Big Data can analyze a customer’s purchases, profile information, and make an accurate prediction on what his/her interests will be. Big Data has the potential to be the phenomenal tool of the future. It can accurately predict what a customer wants and show advertisements that he or she is actually interested in; It can be installed in smart cars, where an automatic distress call is sent when an unlucky individual is in a car accident; It can be uploaded to devices that closely monitor people’s health and report any irregularities to their doctor.4

Big data is a relatively recent concept in the marketing world that describes the process of analyzing massive data sets to uncover trends. The data sets are so large that it would be almost impossible to find such trends without high-powered analytical technology. Big data has been facilitated by the ability to gather massive amounts of information about consumer profiles and shopping trends. The primarily facilitators of big data collection are credit card companies and online companies like Google and Facebook that track people's purchasing and computer usage patterns. Big data has been used in a lot of different industries to revolutionize everything from health care to manufacturing to government (Manyika, et al,

Data is the most valuable tool in your business. Based on a Gartner survey, 73% of organizations have invested or plan to invest in big data within the next two years.

Big Data is a term for very large amounts of formal and informal information that can be analyzed to find trends and patterns. The information can be about anything, but it needs to be processed in a way that will give it value and relevance. It can come in multiple formats and from different sources such as large databases, electronic records, social media, mobile phones, apps, wearable devices such as pedometers, and others. Different data sets are combined and contrasted in different ways to give perspectives and insights about a topic. It can be used in a seemly endless number of ways and people are discovering new ways to use it all the time, some of them entertaining. The largest areas of use include those relating to consumer behavior and choices, business procedures, healthcare, science and research, and law enforcement. People are also discovering its use in their personal lives as well for things like buying a home, dating, fitness routines and travel.

Organizations use Big Data to have a bargaining power of customers by using buyer’s history to anticipate the needs of those buyers or products or to find a suitable replacement for the product on the website being used, to secure a purchase before the buyer changes their mind. Big data can also be used to increase margins through price discrimination. Big Data can provide you with insights into the raw material prices paid by your supplier. Organizations control new entrants by tying customers to their product and services making it expensive for them to switch suppliers. Big Data is also used to identify and eliminate inefficiencies. It does this by making data more transparent. Large organizations relentless use of data to drive efficiency makes it difficult for new entrants to match

Five years ago, few people had heard the phrase ‘Big Data.’ Today, it’s hard to go an hour without seeing it implemented practically in our daily life. The promise of a highly accurate data-driven decision-making tool is an attractive lure for any organization in any industry. However, big data is not without its own problems.

Big data is an extremely important topic for future developments, growth trends and similarities between certain things. From a Microsoft blog published in 2013 big data is “the process of applying serious computing power” (HowieT, 2013). Another article describes big data as data that “exceeds the processing capacity of conventional database systems” (Dumbill, 2012). Based on these definitions and many more alike, big data refers to or can be described as recorded information that exceeds capacity. As brief as this is, data can be recorded using many instruments and even through observation. This topic is interesting to research and develop as new technologies are more capable at storing and reading mass data. With technology advancements, a method that took half a day, more than ten years ago, would only take a couple of minutes using present technologies. As big data is getting more widely used more businesses and enterprises will be interested in the trends shown.

Big data is an extensive collection of structured and unstructured data. It is a modern day technology which is applied to store, manage and analyze data that are not possible to manage, store and analyze by using the commonly used software or tools. Since all of our daily tasks are overtaken by the modern technologies and all the businesses and organizations are using internet system to operate, the production of data has increased significantly in past

In comparison to the traditional business intelligence, big data does provide major improvements. Traditional business intelligence is top down approach whereas big data is bottom up and empowers end users with a valuable analysis thus enabling them to take prompt and smart business decisions. The value generated from big data analytics is applicable to all sectors. The advantages of big data analytics are huge but it also raise serious concerns

Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis or in other words big data is a collection of data sets which is very large in size as well as complex.

Big data is critical for businesses and marketers. At the same time, big data can be a big mess without an intelligent plan. In my opinion, data for data’s sake doesn’t do any

Big Data is one of the most discussed concepts in the business world today. The concept of Big Data is one that has been increasingly debated over the past few years by many different kinds of business industries. One industry where this discussion is prominent is the accounting profession. Big Data will be defined more in-depth later on, but in shorter terms, Big Data refers to the exponential sum of data available in our world today. This amount of data is beyond the traditional analysis that can be computed by human power. When Big Data is converted and used to its full potential, it could have a material impact on the accounting industry as we know it. Companies today must stay on top of the Big Data trend if they wish to