The Golden Age of Big Data
The golden age of Big Data is definitely here. At least, as far as the Online Marketing industry is concerned. Most of us have probably heard the term “Big Data”...
The golden age of Big Data is definitely here. At least, as far as the Online Marketing industry is concerned. Most of us have probably heard the term “Big Data”...
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The golden age of Big Data is definitely here. At least, as far as the Online Marketing industry is concerned. Most of us have probably heard the term “Big Data” buzzing around rather frequently in the past few years, but what exactly does it mean? Well, as implied by its name, it refers to the collection of data sets in very large scale and high complexity levels. Due to their size, these sets cannot be measured and processed with traditional applications and methods – which is what led to reinventing the game and naming it Big Data.
What’s with Big Data that changes the game so much? Until rather recently, many online marketing experts would rely on their experience in the field and gut feeling for determining how to manage their advertising campaigns and budgets. Using facts and empirical data to support their decisions was considered nice to have. This era is now over, all hail the new Data King. Big Data and predictive analytics technologies have opened the door with a big bang and introduced online marketing to a whole new world of opportunity. Marketers are now able to actually base their game on numbers and algorithms, leveraging data to achieve outstanding results.
With that being said, there is no rose without a thorn. With the ever-increasing numbers of online users, the amount of data out there is almost endless. This creates quite a few challenges in the newly reinvented game. While some are easier to overcome than others, they all need to be addressed and taken into consideration. To give you an idea, here are a few obstacles standing in the path of Big Data:
Nobody promised a bed of roses, but on the flipside of these are unique and significant business opportunities, entirely created by the Big Data explosion. All this data, that only a few years ago was considered meaningless and redundant, has now become an extremely powerful and valuable niche in marketing. Companies are now able to gather, organize, analyze and translate this data into useful business insights and actions. The range of Big Data applications is wide and only growing – From fraud detection, through programmatic media buying and e-commerce, all the way to advanced targeted marketing. As year 2015 approaches its end, with 2016 right around the corner, it is now clearer than ever: Companies that will overcome the challenges and utilize Big Data wisely will have the upper hand. The rest are likely to be left staggering behind.
The industry has witnessed quite a few important developments in Big Data throughout 2015. What does the future have in store?
In the bottom line, businesses of all sizes have already started utilizing Big Data. In fact, as time passes, we should see it becoming a standard and essential part of new business strategies. Companies born in this day and age of Big Data already regard it as a natural thing, an integral core of their organization, and shape a great deal of business activity around it. Other players may find the process a be a bit more clumsy, and be reluctant to replace their healthy intuition with machine learning tools, but all in all – the direction is clear. All roads lead to Big Data.
According to Liat Greenberg, Senior Data Analyst at Mars Media Group, having the technological know-how is definitely important. However, having the right people, who know how to leverage it and translate the data into insights is equally important. Here at MMG, we deal mostly with big data. With our advanced BI capabilities and machine learning technologies, we guide the data throughout the entire process – From efficiently collecting it, through cleaning and storing it in the right servers, to analyzing and leveraging it to create business insights. If you would like to hear more about our Big Data solutions, contact us at [email protected]