The technology watch word, regardless of industry application, is BIG DATA. Whether it is patient data in the health care industry, customer data in high tech or consumer data for packaged goods companies the collection of data and the storage of that data is attracting a lot of attention. Every storage company is touting the value of their products and their ability to store your valuable data. Why the focus on data? Perhaps it is because even more data is now available about our customers, be they business or consumer. Where is this data coming from? It is found in every social network, blog, video and slide sharing site.
Even as I was roaming the exhibits at the International Broadcasters Conference (IBC) in Amsterdam, last month, I noted the attention to BIG data and social media. The broadcast industry, like others, is rife with data. In its case, the data is internal – meta data – describing every media asset. And, for the first time, thanks to social media, broadcasters are able to directly gather data about their audience. Why? Because their audience is tweeting, updating, liking, gaming and interacting about their new, sports and entertainment programs. Rather than having to rely upon the insights of Nielsen, broadcasters can tap into the volumes of social media to understand the needs and demands of their audience.
Extrapolate this for every industry. Companies will collect, gather and store petabytes of data about their customers – raising the next big challenge – how to analyze and gather actionable insights from social monitoring tools and data gathered via other sources. Big data is not so precious, unless there are analytics to help companies understand the hidden value. Analytics will extrapolate the information necessary to support business strategies, marketing programs, financial decisions and R&D. Just as social networks will continue to evolve, social analytics companies such as NetBase, Evolve24 and Kontangent will emerge to disseminate meaningful insights beyond volume of likes, sentiment of comments and numbers of followers.
Storage companies, large and small, are hailing the importance of big data. they provide the hardware to store the data and the software to optimize the storage of it and manage the access to it. Social media will influence the rise of BIG data. Your social media plan must consider the volumes of data that will be uncovered and what to do with it. While social media efforts are often owned by marketing, the impact on IT resources is often neglected. Big data forces a collaboration between marketing and IT. With that collaboration will come the assessment and use of analytics tools to create real value for companies engaging in social media strategies.
What's your perspective?