Value in Big Data for Marketing

The term Value in Big data refers to the worth of data being collected or the process by which collected data can be turned into something valuable. If the data being collected can't be turned into value then it is useless for any organisation, although the potential value of big data is quite high. Storing terabytes of data is of no use unless it can be evaluated, rather extracting value from the bulk of data and using it for the improvement of a business.

Big data can be used to deliver value in almost every aspect of a business. Big Data helps companies to understand their customers and serve them better. Big Data is used by many Government and Law agencies to fight terrorism and stop any cybercrime, thus improving security. Big giants like Amazon and NetFlix also use Big Data by extracting value from it and recommending customers things tailored to their interests using Predictive Analytics. Value in big data allows companies to optimize their processes just like uber can predict their customer demands and send the closest driver to the customers. For example, FLYEfit, a health and fitness gymnasium chain has the first Heated Polar Chamber in which real-time data is collected and athletes can train in 30-degree heat to improve endurance, reduce fat, burn calories, improve athletic performance and to compete with fellow members in real-time by wearing a polar heart rate sensors band.

Value in Big Data can deliver better insights about not just who the customers are, but where they are, what they want, how they want to be contacted and when delivering a better customer engagement. Also, value can help in understanding what influences the customers and what keeps them coming back again. Big Data can also help in understanding the new market trends and adopting according to them. Pharmaceuticals and big health care companies can now track flu outbreaks in real-time and develop fast-track drug-using Big Data.

In Conclusion, useful insights can be extracted from the collected data with the help of Data Analytics adding value to the decision making process. According to, Bernard Marr, "The applications of big data are endless. Every part of business and society will soon change due to the fact we now have so much more data and the ability to analyze it". (March 2015). 

References : 

1. (2017) SAS, 2017. Big Data, Bigger Marketing. URL https://www.sas.com/en_us/insights/big-data/big-data-marketing.html (accessed 2.12.20).
2. (Marr, 2015) Marr, B., 2015. Why only one of the 5 Vs of big data really matters. URL https://www.ibmbigdatahub.com/blog/why-only-one-5-vs-big-data-really-matters (accessed 2.13.20).