What is “Big Data”?
“By 2020, it’s estimated that 1.7MB of data will be created every second for every person on earth.”
Jun 15, 2018 – socialmedianews.com
“There are 2.5 quintillion bytes of data created each day at our current pace, but that pace is only accelerating with the growth of the Internet of Things (IoT). Over the last two years alone 90 percent of the data in the world was generated.”
5/21/2018 – Forbes
According to market intelligence company IDC, the ‘Global Datasphere’ in 2018 reached 18 zettabytes. This is the total of all data created, captured or replicated.
That increase in data and our ability to store and analyze it has created a new science referred to as Artificial Intelligence that empowers medicine, industry and even marketing.
Why is There So Much Data: “Three V’s”
The convergence of three factors are exponentially expanding the data being generated. Big data sets are so large and complex that traditional data processing applications are inadequate. Thus the emergence of this new data science and the field of predictive analytics.
Where Does Big Data Come From
Big data analytics is the process of examining large data sets containing a variety of data types to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information.
The term often refers simply to the use of predictive analytics to extract value from data. Accuracy in big data may lead to more confident decision making. And better decisions can mean greater operational efficiency, cost reduction and reduced risk.
Predictive Analytics Enables Micro-Targeting
- All of this allows us to develop more detailed Personas that enable more precise product development/offering, personalized benefit structures and better messaging
- Predictive analytics strengthen competitive advantage by generating unique and relevant prospect insight, the ability to predict very specific behaviors and the knowledge to know where to find prospects in uncluttered environments