What's the Deal with Big Data?

Have you heard of Big Data?

Big Data can sometimes give you all the right answers. It helps solve any business issue and learn more about your consumer.

Anyways, in 2018, companies know you better than yourself. Have you ever heard of the story where Target predicted a teenage pregnancy? If not… here is a link to the story. (https://www.forbes.com/sites/kashmirhill/2012/02/16/how-target-figured-out-a-teen-girl-was-pregnant-before-her-father-did/#75a1d8246668 )

Moral of the story- Target knew the consumer better than her family.  Again, companies are tracking what you purchase and creating assumptions about you as a consumer.

As we know with any form of technology, Big Data is continuing to grow exponentially. Have you ever heard of the term “Curse of Dimensionality?” That’s when you get lost in too much information with an exponential amount of variables.

It’s also hard to see if something is even accurate if you have too many variables.

So to avoid the evils of Big Data, here are four steps!

1.) Begin with the end in mind.  Just like any big project, start with the objectives in mind. Before you start any project, you need to clarify the business need and value of using big data. Set up your key performance indicators before you set up your measures and metrics.

2.) Start small and at eye-level- Make sure you start the project small so that you can manage the project at all levels.

3.) Custom your dashboards to the business needs. Whatever software you use (whether it is Google Analytics, Hootsuite, etc.) make sure you are making sense the information.  This will help you with managing all the information you analyze!

4.) ANALYZE- whatever you do… make sure you make sense of your data. Gather insights and learn more about the information. It is a waste of money if you gather all this information and not make sense of it.

Anyways—I hope this helps!

Best- Lauren O'Malley