BIG Data - Gaining An Competitive Advantage

Big Data is the term used to describe massive volumes of data. Data that is so large that it is difficult for us to process using tradional methods, such as; database and sortware techniques.

Big Data can allow us to gain competitive advantage over other businesses. Mckinsky recently published a report stating that "We estimate that a retailer embracing big data has the potential to increase its operating margin by more than 60%. We have seen leading retailers such as Tesco use big data to capture market share from local competitors, and many other examples abound in industries such as financial services and insurance," An example of Big Data within the retail industry would be the use of 'Loyalty Cards'. Loyalty Cards are used as a mean of collecting data from customers, which the retailer can then use to to advertise 'tailored' goods to them.

http://www.computerweekly.com/feature/What-is-big-data-and-how-can-it-be-used-to-gain-competitive-advantage

http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation

To Be Continued....

Hello World!

Hello World - Tom Begley is now blogging!!