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The Impact Of Big Data On Digital World

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Big Data is large and complex data sets that traditional data processing applications are not adequate. The major challenges faced includes visualization, searching data, capturing data, data curation, analyzing data, storing data, sharing data, transferring data and information privacy.

Big Data analytics also refers to the use of predictive analytics or other certain advanced methods to extract value from the data available.

Accuracy in big data can result to confident decision making on targeted audience. Along with better decisions we can mean greater operational efficiency, cost reductions and also reduced risk.

Global Pulse, an initiative by the United Nations which started recently, wants Big data to be dominant for global development. These groups conducts so called sentiment analysis of messages in social networks and text messages using natural language deciphering software to help predict job losses, spending reductions/disease outbreaks in a given region. The end goal is to use digital early warnings to guide programs. (Eg The predictive power of Big Data is being explored — and shows promise — in fields like economic forecasting/development and public health. Researchers have found a rise in Google search requests for terms like “flu symptoms” and “flu treatments” a couple of weeks before there is an increase in flu patients coming to hospital emergency rooms in a region)

The evolution in digital advertising industry has been massive and nothing compared like ever before. The possibility to capture and analyze huge structured and unstructured data is aiding the digital media to achieve new heights and lead the traditional media by gaining insights. These insights lead to a competitive advantage as you can target and analyze your prospect individually.

Big data is actually having a huge impact on the digital world and some of the reasons are mentioned below.

Insights from unstructured data

The evolution of big data has resulted in gaining actionable insights which helps in decision making and strategy formation. The right mix to digital advertising depends upon the ability to collect, assess and analyze data from sources (Internal and external). The herculean task what most of the people face is that 80% of data being unstructured .This is data from sources (Internal and external) such as photos, videos and content from the social media says so much about us but cannot be analyzed through traditional methods. Using these big data analytics platforms, companies are now able to collect, assess and analyze data from sources (Internal and external) as both structured and unstructured. This helps the digital advertisers to gain fresh and relevant insights from unstructured data.

Real-time based data analysis

In the past, data base solutions could be relied upon to manage and analyze big data. But would take days and even at times weeks to analyze the large data sets giving stale results. On the contrary, the big data analytics platforms nowadays can perform sophisticated analysis at lightning-fast speeds, allowing for insights on real-time basis. As the time reduces, it provides fresh data with reliable and relevant information for marketers to make real time decisions.

Personalized and targeted ads

Big data allows digital marketers to target users with more personalized ads that they want to see. Using the dominant players in digital advertising which connects with most of the people such as google and facebook are the best means for creating and delivering appealing ads. These ads might be as per to our need and would be much more personalized and targeted as the data collected by these sites will help the players in these field to micro manage and target every individual. (Eg- Making a google search for “cheap smartphones in India” will help to provide the best advertisement related to your search)

Hyper-localized advertising

The rise of mobile devices, mainly smartphones, has created an opportunity for digital advertisers to deliver mobile specific ads to the right people at the right time (context wise). Through the combination of location data and social data, stores that shoppers are shopping nearby and might be interested in can send out ads offering percentage discounts or other incentives delivered to the shopper’s location in real time to get them to walk into their doors. This type of advertising has been shown to increase the conversion rates. Any how, there is potential for some customers to get a creepy feeling on realizing that advertisers actually know where they are in. As a result, advertisers will need to make sure that they do not invade their privacy and provide the best to increase the conversion rates.

Mergers and acquisitions

In the era of digital based advertising (a world primarily dominated by Google and Facebook) more corporate mergers and acquisitions will need to take place in order for companies to compete against the giants(It was for that very reason that the recent merger of the French advertising company Publics with the American advertising company Omnicom took place) Digital advertising comprises about 25% of today’s total advertising spend, impact of big data will be felt in the future when all advertising will be data driven.

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