by Stephanie Rabinowotz | Dec 21, 2015 | Business Optimization
Big data is characterized by an extremely large set of data that must be filtered through by countless algorithms until it takes an understandable form. Big Data is utilized in many different areas, but one that tends to stand out is in marketing. Marketing researchers love Big Data because it is a much more effective way to receive consumer feedback. People no longer have to take surveys to let companies know how they feel because companies simply study their consumers habits. By observing consumer trends, companies have a much better understanding of what their buyers like and dislike about their products.
Many companies use this information and apply it to their consumers as a whole, but not all consumers are the same. Everyone is unique which makes every consumer’s trends different. Although Big Data has worked wonders for marketing research, these marketing specialists are beginning to realize they need to take Big Data to the next level. The idea of using Big Data in marketing was to better advertise to individual consumers based on their unique preferences. In order for marketing specialists to optimize their ability to target specific demographics they must use Segmented Data.
Segmented Data is big data that has been categorized based on similar groups. With segmented Data companies can receive data on all of the consumers who are all moms, or video game lovers, or outdoor enthusiasts. With this sort of organized data, companies know to advertise not only outdoor gear to the outdoor enthusiasts, but based on their shopping history- specific shoes, backpacks, tents, etc. Segmented Data allows companies to treat all of their consumers like individuals, making it easier for consumers to find what they are looking for and their overall shopping experience more enjoyable.
Segmented Data is something we will be seeing more of as Big Data continues to make a name for itself in all different industries. To learn more about the different ways Big Data is branching out,
Check out this Interesting Article!
by Stephanie Rabinowotz | Dec 18, 2015 | Big Data
I recently heard on the radio that parents are now using “Elf on the shelf” to make their kids behave better. Elf on the shelf is a fun little game families have begun playing where they place a little elf doll in different places of the house every night- giving kids the illusion that elf is real. Parents are beginning to take this sweet holiday tradition and use it to make their children believe that Elf is always watching.
Parents have always used little tactics to help control their kids, like Santa Clause knowing if you are naughty or nice, we simply need a little white lie every now and then to help us out.
Is this now being taken too far? How do we know when we have crossed the line?
Mattel has just introduced it’s latest Barbie doll and not only is it highly fashionable, but she can actually talk. Yes, that is right, your child can now play with a Barbie doll who can hold full conversations with them as well as remember your child’s key interests. When the new Barbie hears your child speak, she sends the data to a computer that records the message, and then relays the correct response back to Barbie.
In theory this may seem like another Big Data success; woohoo! a toy that can finally act as a play buddy for my child! Not so fast, everything your child says to Barbie gets recorded and stored by Mattel. This means that not only do the people working at Mattel have direct access to speak to your child at any time, in the safety of your home, but they also will use everything your child says for research.
Personally, I think this is one of the creepiest ways to use Big Data. The new talking Barbie is more invasive than any of the tracking companies do on the internet. So if you are thinking about getting your little one a talking Barbie this Christmas, think twice, or you may be putting your child in a potentially manipulative situation.
by Stephanie Rabinowotz | Dec 14, 2015 | Big Data
With all of the holiday parties bursting to life this time of your, I thought it would be appropriate to put Big Data in terms that can be related to every day life.
Imagine you are new to a company, competing with the other intern they hired the same time as you for the next opportunity to move up in the company. You attend the company holiday party, dressed to the nines to make the right impression. You are charming and interesting, but you cannot seem to remember half the names of the executives you are chatting up. Your boss asks you about the latest developments in the major project the company is working on and you can’t give him an up to date answer.
Meanwhile, the other intern is connecting with all of the execs because he knows what to talk about and with who to talk. He has done his research and not only knows the names of all of the people he is talking to, but their spouses as well. You over hear him talking about the latest predictions about the company’s big project based on the analytics he has been running, and you think to yourself, “That’s it, I’m done for”.
This is what it feels like between companies who use Big Data and those who don’t. Obviously the intern using Big Data is going to be the top candidate for the open position in the company all because he relied on the objective data to give him accurate information. Companies can put on a pretty face, charm you and try to pretend that they know what they are talking about, but ultimately that will all come back to haunt them. Big Data is information and information is your biggest asset. Having the more current, accurate information is what is going to make companies money and ensure success, not a sharp looking suit.
See how Big Data can change your company into the business people can trust and rely on. Check out Cliintel for more information.
by Stephanie Rabinowotz | Dec 11, 2015 | Business Optimization
Big Data has proven itself a loyal tool to businesses, but one must know how to use Big Data to release its full potential. Here are a few tips on how to utilize big data to make more accurate decisions and see your business with better clarity.
Baby Steps
Start small when introducing big data into your business. Don’t try to apply Big Data to your entire business at once, start with a small section and work out the kinks there. Once that test has proven true, start to utilize Big Data in other areas. This is the best way to make sure you are catching even the smallest problems within your business.
Be Clear and Reasonable
The easiest way to get out of hand with Big Data is to allow data fetish to sweep you off your feet. Many people believe they can just bring Big Data into their operation and voila! All of their hopes and dreams for their business have come true! Not so much. Businesses must clearly define their goals and put them in metrics, or something that can be accurately measures. You can’t just say ” I want to be successful by next year” you must instead define your goal as ” I want our ROI to be X amount by July of 2016″. Expectations must be realistic and clearly defined to see progress.
Not All Goals Are The Same
You cannot apply the same goal to every aspect of your business because they are all separate. Variable must be taken into account and adapted for when deciding the ROI’s for each project. It is important to remember in order to have clear, measurable success, you must start with being very specific. Make sure you consider the differences between projects and adapt accordingly.
Big Data is an extremely useful resource in the business world as long as it is applied correctly and managed tightly.
by Stephanie Rabinowotz | Dec 7, 2015 | Big Data, Creating Competitive Advantage
Imagine being able to go about your day and know that a computer is making you money. You don’t need to sit in front of it, you can go golfing or into the office and know that back home you are potentially scoring extremely valuable stocks. This is now being accomplished through trading algorithms.
Algorithms are a clear set of instructions telling a computer what to do and when to do it. Algorithmic trading is a new use of Big Data in finance. The theory behind algorithmic trading is that a computer is set up with algorithms giving defined rules and parameters on when to trade or sell. Computers can scan through stocks and pick out stocks that have dropped or risen in price to buy or sell at the precise time to ensure optimal earnings.
Through this process investors are learning how to rely on these algorithms to make trading decisions and act much quicker than any human can. Using computers also takes the human emotion element out of the equation, leaving objective data to make decisions. Although this sounds like an intriguing way to make money, one must also be very cautious when trusting a computer with their money. Investors are encouraged to learn coding to make their own customized algorithms and systems that have set perimeters and conditions. This would be the only way to securely trade without a high risk of a possibly devastating malfunction.
This trading process is just another way Big Data is revolutionizing the financial industry. To learn other ways Big Data is influencing the Finance industry make sure you read Business Optimization, Customer Satisfaction and ROI.
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