Whenever we think about big data, we instinctively think about big company such as Google, Amazon and so on. These companies are equipped with the resources and capabilities to acquire real time data on the go. Tons of data are being collected via different means including computer networks, social media profiles, web browsing histories, mobile phone sensors, Internet of Things (IoT) devices, etc. In fact, if you own a voice enabled devices from Amazon or Google, then Amazon and Google are probably listening to your voice recording.
The five model of big data consists of these 5 elements: Velocity, Volume, Value, Variety, , and Veracity1. In order to utilize the potential of big data, you have to get enough volume, a large sample of data set to accurately analyze its implications. However, it is more important to have the right data than a bigger data, quality over quantity. There are vast amount of data (volume) being generated on Facebook in real time, but most of the data are probably useless for you and I. But with proper data mining and extraction, its could provide insight for your marketing campaign. Cambridge Analytica did exactly that.
Cambridge Analytica developed a survey to profile its users on traits like openness, extroversion and agreeableness — aspects of the typical “big five” personality traits. Combined with the data mined from 87 millions accounts from Facebook, they crafted the perfect targeted ads to help Trump won the election.
So how do small medium enterprise (SME) use big data to optimize their business or marketing campaign? The first plan would be to decide the kind of data that is useful (value) to solve your problem, and then decide the method of harvesting that data. A Japanese sushi chain in Japan employed an IC chip system that allows analysis of customer’s favourite sushi. With time, it was able to generate 4 billion data from their customers appetite. This allow them to properly plan their supply chain and ingredient to reduce wastage.
However, most SME in Singapore does not utilize the full potential of big data. What other way do you think big data could be used to benefit the SME in Singapore, hawker for example? As most SME in Singapore might not have the capabilities to generate the amount of big volume for big data analysis, how important do you think volume is compared to the other Vs?
Laney, D. (2001, February 6). 3-D data management: Controlling data volume, velocity and variety. Application Delivery Strategies by META Group Inc. Retrieved from http://blogs.gartner.com/doug-laney/files/2012/01/ad949-3D-DataManagement-Controlling-Data-Volume-Velocity-and-Variety.pdf