Biggg DATA and Businesses
As we come to the final blog, Darryl covered the topic of New Media, Big Data and Telemetrics. Honestly, I had no idea what this topic was about or how it would relate to us. However, from Darryl’s lecture and the weekly readings, along with this video, http://www.youtube.com/watch?v=TzxmjbL-i4Y, I now understand ‘big data’ and how the data allows opportunities for a better business/company.
Every day, people are constantly clicking, searching and switching on and off that are continually being collected, which forms into what we call ‘data.’ As Siegel mentions data is a ‘priceless collection of experience from which to learn.’ (Siegel, 2013) The data collected is also consistently growing and expanding to an estimate of 2.5 quintillion bytes per day. (Siegel, 2013) Initially, the data collected of what has been clicked or switched can eventually be used to predict people and the trends, as Siegel states ‘with the new knowledge gained, prediction is possible.’ (Siegel, 2013) While, prediction comes from the data it allows businesses to utilize the data in an effective manner. Additionally, I found it interesting how Don Tapscott in the ‘What is big data?’ video addressed the idea of how data allows the ability for ‘businesses to push information to the customers more effectively.’ (Economist, 2012) The data that are used to predict and outline trends, primarily allows businesses to boost sales from the data received as they anticipate and adapt to shift customers desires and to reach customers with targeted advertising.
An example where big data is used effectively to enhance businesses is a Hong Kong watch company, O.D.M Design and Marketing. They noticed that their sales data from the Tmall.com store, one of China’s top online shopping websites, was revealing an interesting trend. (Lee, 2014) A particular bright silicone-strapped watch had rapidly become popular with young people in china. The sales data allowed them to quickly launch marketing campaigns that targeted these Chinese students. Businesses will therefore be capable to capture a better understanding of which product is in trend and who the product is more appealed to from the data. Alternatively, data is also effectively used for television. According to an article I was reading, Time Warner Cable uses big data tools to navigate the changing media landscape. (Big Data Startup, n.d.)The data information they receive allows them to alter their infrastructure that suits the needs of their customers. Audience metrics provided from the data, provides the capability of knowing what their customers are looking for. Eventually, this could lead to a new revenue streams for Time Warner Cable, which will fulfil the customers’ needs. ‘Big data’ can ultimately ‘shape the fortunes of companies capable of examining, interpreting and acting upon the messages that mountains of information have to tell.’ (Lee, 2014)
I believe that the use of data with predictions and trends, will in fact improve businesses. ‘Data’ will improve businesses and fulfil customers as businesses will be able to analyse information and adjust to reflect the customers’ information and initially what you have previously clicked on. However, with data expanding every day this may mean collected prediction and trend information isn’t completely accurate. So, do you think businesses are improving from the data information provided?
REFERENCE
Big Data Startup. N.d. “Time Warner Cable.” Accessed May 10, 2014. http://www.bigdata-startups.com/BigData-startup/time-warner-cable-big-data-optimize-viewers-experience/
Economist. 2012. “What is Big Data?” Youtube video, posted June 26. Accessed May 7, 2014. https://www.youtube.com/watch?v=ahZGEusG13A
Funk-e Studios. 2013. “What is Big Data and How Does it Work?” YouTube video, posted November 12. Accessed May 9, 2014. http://www.youtube.com/watch?v=TzxmjbL-i4Y
Lee, Melanie. 2014. “Tmall.com’s Big Data Push Reaps Rewards for Virtual Stores.” Yahoo, March 11. Accessed May 9, 2014. https://smallbusiness.yahoo.com/advisor/tmall-com-39-big-data-push-reaps-rewards-063722381.html
Siegel, Eric. 2013. “Introduction – The Prediction Effect.” In Predictive Analysis, 1 – 16. Hoboken: John Wiley and Sons Inc.
Woodford, Darryl. 2014. “New Media, Big Data and Telemetrics.” QUT Lecture , echo file posted May 1. Accessed May 5, 2014. https://lecturecapture.qut.edu.au/ess/echo/presentation/11dcf106-e7c9-44eb-a753-74dfff689043?ec=true
















