The term “Big Data” has come into play more and more since 2011. But just what is it, and how is it used? Google defines big data as:
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
An example of big data in action is Walt Disney’s use of the wireless tracking “MagicBands” in their parks. The MagicBands are able to track visitor information, like real-time location data, purchase history, information about the visitors, riding patterns and more. Disney analyzes the data to make better decisions to improve visitor experiences.
It’s not just huge conglomerates like Disney that are looking to take advantage of the vast amount of data now available to them. But, to be successful, this use of big data requires a strong partnership between marketing and IT. The collaboration of these two departments is crucial to retrieving the relevant data, and analyzing it in actionable ways.... More