You’ve undoubtedly heard about it by now. As humanity becomes increasingly connected online, we share more and more data via the internet. Every email, every upload, every share says something and results in a fraction of data, which collectively creates Big Data.
According to Wipro, the company responsible for the infographic included above, Big Data means “data that is too large, complex, and dynamic for any conventional data tools to capture, store, manage, and analyze — what makes Big Data challenging is the volume, variety, and velocity of the data.”
It’s challenging but it’s growing in cruciality. According to Marketing Profs, ”some 57.6% of organizations that Wipro surveyed said Big Data is a challenge, yet 50% of surveyed companies acknowledged that Big Data helps meet consumer demand and facilitate growth.”
And things are growing at lightning speeds, what with the truly incredible data output and accumulation: “2.9 million emails are sent every second; 20 hours of videos are uploaded every minute on YouTube; and 50 million tweets are published daily,” according to that same article.
Here at Magnet Media, we consider this a discussion of the utmost importance. In fact, last week we hosted 30 executives and/or creatives from industry leading companies in media, entertainment and finance as part of our first-ever Little Big Data Party. They came to discuss and wrestle with the topic of Big Data and how it informs telling their brand stories (whether it’s being used to drive editorial/creative decisions, to increase sales conversions, content distribution, audience analysis, to optimize social media, or all of the above).
It was a great success and we’ll be hosting another in November; we’re looking forward to continuing this important conversation and gaining an even deeper understanding — and fostering a deeper conversation — about the incredible value to be found within the big scope of Big Data.
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