I came across this infographic earlier today and loved on of the visuals illustrating the challenges marketing managers have with Big Data. Big Data is all the data you have in your business… customer, product, social media, marketing spend, etc. Its considered big if you have more of it then you know what to do with.
According to the data gathered, the challenges are:
- Variety = The diverse sources of data, the different places is stored and the various applications needed to access it. 49% of the respondents cited this as the biggest challenge. For me variety challenges can be mitigated if you have a good data warehouse approach and have a data master to keep it all inventoried.
- Volume = The amount of data in your business that you have to analyze to be able to make decisions. In the underlying survey, 29% of respondents indicated the sheer amount of data they had to work with is the biggest challenge. The best way to deal with this challenge is to have cutting edge, analytics tools that allow you to mine data quickly. Tableau is my favorite!
- Velocity = The speed in which you receive data. It can either be too fast to properly analyze or it can be to slow to be used in your decision-making process. 26% of the respondents indicated that the speed in which they are fed actionable data is their biggest challenge. If you have a way to control the variety and a tool to analyze volumes, then velocity shouldn’t be an issue.
Contact DMAI via this blog or you can e-mail me directly at danmeyer@dmaiph,com to set up an analytics assessment to help you figure out a strategy to control for the variety, volume and velocity in which you use your business data to drive decision-making.