Are you ready for big data projects?

By SiliconIndia | Thursday, 21 July 2011, 23:06 Hrs | 1 Comments

Mckinsey & company recently said that analyzing big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus.
They went on to add that big data will help to create new growth opportunities and entirely new categories of companies.
But the question is what is this 'big data'?
Big data is a term we use for enormous amount of data, the size of this data is beyond the ability of our commonly used software tools.
This data is so large that it is nearly impossible to store, analyze and manage it using any of our current technologies.
Now the next question is, why should we analyze such huge amounts of data?
We must because it can play a major economic role to benefit our business.
The current age of social media gives us a very big advantage of understanding the needs and demands of our customers. Through the millions of social media updates they make each day.
There are approximately 600 tweets on twitter and 700 status updates on facebook every second.
Now when we are talking about targeted marketing that is a lot of usable information.
If you could get through all that data and get usable information like A is looking for a trendy bike and B is looking for a house in area X, you could very easily satisfy your target group by giving them exactly what they are looking for.
But in order to harness the limitless data available in social media we must have the right kind of technologies and processes in place.
There needs to be a strong customer data management system and that is where master data management (MDM) comes into picture.