Right now Big Data is REALLY big – HUGE even (don’t you hate that word). Not a day goes by without someone posting a blog or writing an article on the value of Big Data. And why shouldn’t they? The reality is that all of our clients are sitting on huge amounts of information about their customers and prospects – yes, terabytes and terabytes as most are fond of saying. The value of this information is immeasurable. And when we can derive actionable insights from this data the return is immense. The data itself is free (although sometimes integration of multiple databases can be a challenge) therefore insights gleaned from this data can have a major impact on our product development and customer experience initiatives without requiring significant financial resources (OK, I realize that the advanced analytics aren’t cheap, but they are relatively inexpensive in the grand scheme of things).
But is Big Data really big enough to drive truly actionable market insights by itself?