Chasing Big Data

29 June 2022, Wednesday

What is Big Data?

Big data refers to data that has been analyzed, classified, and transformed into meaningful and actionable insights. The purpose of big data is for brands to accurately evaluate customer behavior and turn these insights into highly beneficial tools. By leveraging big data, brands can allocate advertising budgets effectively, develop products that align with consumer expectations, and improve their overall strategies. In essence, every brand should collaborate with an agency capable of utilizing big data efficiently.

Components of Big Data

  1. Variety:
    The majority of generated data comes in various formats. Data originating from different electronic devices, operating systems, or languages contributes to this diversity.
  2. Velocity:
    Advances in technology have led to an increase in the amount, type, and speed at which data is generated and processed.
  3. Volume:
    Over the past decade, the amount of data generated has increased more than 40 times, whereas spending on data storage has only increased by 1.5 times. This highlights the need for efficient storage solutions to handle this exponential growth.
  4. Verification:
    In recent years, data security and accuracy have become critical. Determining who can view the data, under what conditions, and which data must remain confidential are essential aspects requiring careful consideration.
  5. Value:
    The most crucial component of big data is its value. Data is meaningful only when it adds value to the organization. Thus, it is imperative for big data to benefit the institution utilizing it.

Why is Big Data So Important?

Data is influencing our world and lifestyles more than ever before. Proper utilization of this data benefits both society and commercial organizations.

For instance, Meta earns its revenue by providing access to data collected from its users to businesses willing to pay for these insights. Considering that Meta—the world’s largest social network—derives all its income from data, it underscores just how vital data is in today’s world.

Conclusion

Amidst the vast amounts of data controlling our lives, it is essential to learn how to use this data to our advantage. Brands need to utilize data effectively to understand and classify their target audience. This need is aptly addressed by 1,618 Agency, embracing the motto: “If it’s not new, it’s old.”

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