Big Data & Digital Marketing

As organizations become more and more data-driven, it becomes progressively more important to set up a healthy and productive way to manage data.

Here are 4 major steps to follow to help you improve on this:

1. Data Management

2. Data Security

3. Data Quality

4. The Team

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1.

Data management is the “administrative process by which the required data is acquired, validated, stored, protected, and processed, and by which its accessibility, reliability, and timeliness is ensured to satisfy the needs of the data users.”Basic pillars are: provisioning, protection, replication and recovery.Evaluate data before engaging in big data analytics.Have a maintenance plan.
2.

Data security must be prioritized by any organization to enable it to function properly and for operations to flow efficiently. It also provides stockholders and executive teams peace of mind of knowing that the information they have stored in their servers will not be easily exploited by hackers or cyber-criminals.
3.

A study conducted by Experian Data Quality shows that outstanding data quality has a direct correlation to an increase in company profits. 4 steps to reduce incidence of human error (cited by 65 percent of organizations to be the main cause of data problems): Identify data entry points, train staff, Automated verification, clean data over time.
4.

Hire a competent team of professionals who know their roles very well: data management supervisor, data entry staff, data analyst, quality and training staff

Sometimes it's good to go back to the basics:

What is Big Data?

Gartner in 2011 gave the 3V definitions, today we have a better understanding ad we find more appropriate to add two more concepts.

1. Volume: how much data?

2. Velocity: how data grows or moves?

3. Variety: about the shape

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4. Veracity: about the reliability

5. Value: about the ROI

The first 4 points describe what Big Data is, the fifth one reminds us that a Big Data project is relevant if it adds value.

Lots of information about Big Data from New Jersey Institute of Technology.

The upper half of the infographics introduces Big Data with the usual buzz words. The remaining has a lot of interesting statistics.

My 6 takeaways from the infographics:

1. $300 billion, what US could save in Healthcare

2. +60% in operating margin (retail)

3. 73% of companies have already increased revenues thanks to big data

4. 56% of IT decision makers believe that finding the right staff is the biggest challenge

5. "Query and reporting" is the Top 1 capability currently available

6. "Transactions" and "Log Data" are the most common source of data currently collected and analysed (88% and 73% respectively).