When used to its strengths, Big Data has the possibility to revolutionise the marketing industry. Data analysis is teaching us a great deal about consumers, helping up-stream product development as well as downstream targeting, using Programmatic Media. Marketers should however be aware of the limitations of digital data. They should also be careful not fall foul of privacy laws or to risk consumer backlash.
Big Data is a term for data sets that are so large, or complex, that traditional data processing applications are inadequate. The term has been in use since the 1990s and is attributed to John Mashey, the chief scientist at a Silicon Valley computer firm. Data is classified as ‘Big Data’, when it exhibits extremes of ‘Volume, Velocity, Variety and Veracity’. Two examples of Big Data sets are, retail transactional databases & web tracking databases.