“How can managers keep their decision making from being overwhelmed by too much Big Data?”
Info on this topic:
As we all know, social media have revolutionized the relationship between supplier and customer, in the process breaking down most of the privacy walls that we had come to take for granted. All those giant databases of stuff gathered from customers (e.g., all the information about your supermarket purchases automatically entered each time you swipe your Von’s or Safeway card through the checkout to get al those cool discounts), websurfing, suppliers, internal monitoring, etc. have resulted in a proliferation of consumer information. Here?s a good review of where we stand now:
Boorman, C. (2011) Why Data Mining Is the Next Frontier for Social Media Marketing. Mashable Business. Retrieved December 2, 2011, from https://mashable.com/2011/02/25/data-mining-social-marketing/
All of this has recently come to be collectively termed “Big Data”. First enabled through the enormous increases in the availability of low-cost data storage (down to $30 per terabyte at Fry’s Electronics, as of today’s paper), it took the development of good data analytic tools to really spark the trend. Since both acquisition (data mining) and storage (data warehousing) have become much simpler, most of the interest in business analytics today revolves around what to do with Big Data.
Here are two interesting summaries of issues involved in using Big Data at the moment:
LaValle, S., Lesser, E., Shockley, R., Hopkins, M. and Kruschwitz, N. (2010) Big Data, Analytics and the Path From Insights to Value. MIT Sloan Management Review. December. Retrieved September 16, 2011, from https://sloanreview.mit.edu/the-magazine/2011-winter/52205/big-data-analytics-and-the-path-from-insights-to-value/ [The optional Readings contains a link to the full report, if you’re interested.]
Webster, J. (2011) Understanding Big Data Analytics. SeaRchStorage.com. Retrieved September 16, 2011, from https://searchstorage.techtarget.com/feature/Understanding-Big-Data-analytics
Big Data’s not going away — in fact, “Huge Data” may be just around the corner ? but it?s by no means the only relevant knowledge available to the organization, despite its presence as the 800 pound gorilla in the corner of the room. The question is fairly simple: how can we best harness this new horse to the enterprise so that it doesn’t run away with everything?
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