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As Big Data becomes increasingly integrated into many aspects of our lives, we are hearing more about revolutionary changes, hidden patterns, correlations and other insights. With today’s technology, it is possible to analyse your data and get answers from it almost immediately.
It’s Not About Big or Small
Sometimes the right data is big. Sometimes the right data is small. But for innovators the key is figuring out what those critical pieces of data are that drive competitive position. Those will be the pieces of right data that you should seek out fervently.
Embracing Smart Data
A company that focuses on smart data, rather than Big Data, is more likely to be concerned with those specific nuggets of information that will directly impact the business. Take Amazon, for example: by looking at consumers’ shopping patterns, Amazon can make educated guesses about what a particular consumer might be interested in, tailor its website accordingly and then hit that consumer with targeted ads. By honing in on the information that is useful to them, Amazon avoids spending time and energy on analysing data that could be interesting but is ultimately useless.
Finding the Smart Data poses the biggest challenge, especially since Data Scientists are expensive and in short supply. There is good news: many tools now exist that allow marketers to analyse data efficiently and effectively, minimizing the need for a dedicated Data Scientist. This is important from a marketing perspective, because it allows marketers to apply their insights directly without having to wait for someone else’s input.