Just like a walk on the beach leaves behind footprints in the sand, our day to day online activities leave behind footprints in the form of data. Unlike footprints in the sand, data can be stored for an infinite amount of time. The amount of data that people create has increased substantially. With more and more people gaining access to smart devices the data generated is evolving. The magnitude of data is evolving into what we know as Big Data, which begs the question: does big data cause deconsolidation of the cloud market?
Big Data is not only a massive volume of data that is generated, but it is also both unstructured and structured data. Not all data is Big Data.
To qualify as Big Data, the data must exhibit the 5 V’s:
- Volume- Big Data must be a large amount of data.
- Value- The large magnitude of data should have some monetizable value.
- Velocity- The massive amount of data must be created, gathered and analyzed quickly.
- Variety- The data should not be collected from only a single source, it should be unstructured and structured data collected from multiple sources
- Veracity- Data can only be termed as Big Data if the data is reliable/accurate.
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Many sources can generate Big Data:
- Online transactions
- Business logs
- Social Media
All the data that is generated by businesses and individuals can be collected as Big Data.
Data that is created is stored since the data can be monetized. If the data is not useful, then businesses would not be spending money to store and access Big Data. However, the raw Big Data cannot help businesses in any form or manner. The Big Data needs to be analyzed to help make business decisions. From the Hadoop clusters and NoSQL systems, the Big Data is gathered and analyzed by teams of experts. By analyzing big data, a business can identify if there are new revenue opportunities and scope for marketing and customer service improvement. Breaking down of the Big Data allows business to target the right customers
Online marketing strategies of businesses qualify as cloud marketing. With e-commerce becoming a successful way for businesses to reach their customers, more and more businesses compete online to gain the attention of their customers.
Big Data can be a boon for the various e-commerce websites as they offer a clear idea of what customers want. By analyzing external Big Data, which is gathered from social media, photos, videos, and audio, a business can understand the needs of individual customers.
With the need of the individual customers in mind, the businesses can offer the customers with a customized experience. Once a business is aware of what the customers like or dislike they can streamline online business marketing strategies.
By using various platforms, businesses can pitch their products only to customers who might be interested in their products. This deconsolidation of the cloud market helps businesses dedicate their resources and come up with a more successful marketing strategy.
Data exhibiting the 5 Vs qualify as raw Big Data. The raw data must be analyzed to be used by businesses. With the consistent tsunamis of data constantly being generated, it is important for businesses to consider how to use data as a resource. The analyzed data can help businesses streamline their marketing strategies and cater to their target audiences efficiently.