Beyond Big Data: How Big Data needs consumer insights in order to realise it's full potential

Colin Strong
GfK, UK

Introduction

Big Data is the term that is rather loosely used to describe the exponential increase in data volumes, alongside the growth in our ability to transfer, store and analyse. Big Data appears to promise to deliver huge amounts of insight that would not have been possible by conventional means. There has been much speculation concerning the commercial benefits of the effective use of Big Data with one key study indicating that organisations applying analytics to Big Data are over twice as likely to substantially outperform their industry peers.1) And a recent global survey found business executives typically believed that big data will improve organisational performance by 41% over the next three years.2)