Week 5 introduced us to the concept of Big Data. Market segmentation is no longer a concept to rely on. Each customer is unique and has a behavior which requires marketers to understand the customers as an individual rather than treat them as a part of a bigger segment. This has become essential in the recent times and has generated a lot of interest from the marketers.
Each individual in today's worlds leaves behind multitude of data and if there was a way to consolidate the data, predictive analytic can be used to guess customers behaviour and introduce targeted ads and promotions. This sounds fantastic on the paper but the challenge which the perpetrator of this concept have realized is that data is huge and has multi dimension which makes it really not possible to manage it the traditonal way using data bases and run reports to visualize it.
There are huge challenges in integrating the data and and also convincing businesses on Omni channel experience. Various organizations have adopted big data strategy and have failed and learned. This phenomenon will continue till this concept is more matured. The two aspects of Big data is
- management (here technology comes into play)
- Usage of data to convert into money (here is where visualization and predictive analytics comes into play)
The articles this week provides a very crisp step by step process to implement a strategy but the problem we have seen in the industry is lack of expertise and experience of individuals in implementing these.
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