Wish to learn about Big Data as a Marketing Program? Want to develop a complete understanding on the same? Then have a look on below Webinar led by Mr. Jaideep Mehta, Vice President & General Manager, IDC South Asia.
Q & A During Webinar With Jaideep Mehta
Q- When it comes to the world of Big Data, what is the difference that one is leveraging big data now as compared to before?
A- Business intelligence has been there from the time computing has been there, but the key difference today is there in the ability to analyze unstructured data (e.g. Emails, Scanned Documents) and to combine internal and external sources of data to convert them into sensible business information. Without the help of Big Data it is not possible to extract the required information from large datasets in a fast and an efficient manner. Big Data has enabled organizations to leverage the technology for profitable decision making.
Q- How can small companies leverage Big Data for their business without the use of data scientists and HADOOP professionals?
A- For small companies, one doesn’t necessarily need to start with a HADOOP environment as most of the technology is available through cloud based providers and technology firms (e.g. Microsoft).First thing for small companies is to be identify on which business decisions they are blindsided and are taking decisions on “gut feel”. The main concern for them should not be technology but to identify the areas where Big Data can be injected to make business decisions.
Q- What is the minimum investment in Big Data for a company less than one crore which is just two years old and doesn’t have large amount of data?
A- At that scale the company doesn’t need to worry about Big Data because the business ecosystem isn’t big and complex enough to worry about analytics based on Big Data, unless there is a specific case one targets to be working on. During that stage the company would also struggle to make investments in the technology, even if they have to outsource it.
Q- What are the privacy related issues that Big Data is facing and how are people embracing the technology despite its grey areas?
A- Big data privacy issue is a big challenge. The main issues we are facing are marketers using social media profiles to make business decisions, weak privacy policies used by companies and the ability to use technology by organizations to track people using location based services (e.g. GPS).The challenge is also on cloud ecosystem with respect to the data stored. The main problem is with the laws across the worlds which are far behind the technology today.
Q- How secure is the cloud environment for storing confidential data?
A- The cloud environment is safe to store data as it helps in creating savings, elasticity in terms of infrastructure and it helps in quick response to different programmes, which would not have been possible using internal IT. One can trust the data centres of organizations like Google, Amazon, IBM etc. as they are safe enough to store data.
Q- From the marketing point of view is there a formal training needed for marketer in the field of big data?
A- Yes there are formal courses available online plus there are benefits of getting more knowledge on the subject through various means like videos put up on YouTube by CMO’s and marketing executives of companies ,sharing their experience. On institutional level, IIM’s in India are including greater component for application of data science for those who are taking marketing as electives. In USA some of the business schools offer it as the marketing majors under the name of “Leveraging social media for marketing”, which is one of the most important aspects for application of Big Data in marketing.
Q- What is the use of big data in industrial marketing?
A- Considering a hypothetical case in textile industry, a manufacturer can collect online data and can combine with sales data of customers of an organization (e.g. Raymond), to whom the manufacturer supplies machines. The manufacturer can provide the organization the insights to buy better machines as per their customer demands. In this way supplier can add value to their customers through Big Data analytics.
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