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When Acxiom Explored The Frontiers Of Big Data

  • Jed Mole

    Jed Mole

Created at May 29th, 2013

When Acxiom Explored The Frontiers Of Big Data

Strategising big data can be a difficult task. Vast and complex, with a short shelf life and huge variability, being able to systematically analyse and locate that valuable 5% of data offers huge business potential, from enhancing the customer experience, to increasing revenue and gaining new business.

Because of this, big data is a big deal for business, but is also a wild and vast frontier. Just as intrepid pioneers would carve out a route to success, so data pioneers must clear the data path for goals to be reached. This infographic shows that clarity of process, and the key strategic points which Acxiom as a data pioneer considers when identifying and monetising valuable data.

Infographic explained – Big data is here – so what?

It’s a wild frontier out there. As consumer behaviour changes, use of devices such as tablet and mobile has led to an explosion of real-time data, showing us the ways people shop, work, relax and more. Forming petabytes of information, this means huge amounts of useful data is constantly created, all coming together at once. But finding useful info quickly and using appropriately it is no easy task.

To make the most of big data for business, the first step lies in proving its investment potential (how it advances revenue and customer experiences).To encourage organisations to invest in their intricate data, they need to be shown the carrotthe key information which shows business opportunity – within their data, organisations have access to significant patterns which signal buying, churn, brand support and aversion. If the right information is harnessed, and big and normal data are integrated well, information can be used at the right time, trends can be spotted and marketing and brand actions can be better personalised, improving organisations abilities to win, service, keep and grow customers. Complex, but an incredible investment!

The next step is to recruit the right team. To integrate big data strategies, organisations need to source a new type of R&D team; big data engineers who know how to help brands see ‘the whole elephant’ – the full data picture. Human resources are transformative assets to data strategies – so locate good staff, and ensure they’re working towards key data goals.

The Three V’s

Big Data is normally referred to in terms of three attributes – Volume, velocity and variability.

Solving the issues presented by these three V’s (i.e. exponential generation, relevancy, short lifespan, and difficulty in curating unstructured data) Acxiom takes a peripheral perspective – using all the information available (as well as focused data), and integrating it into a five-step strategy:

Step 1 – Put the customer first. Using data to solve business related problems and enhance consumer experiences. Security is always a priority, and Acxiom are committed to the appropriate use of data: advocating only responsible use of data by appropriate parties.

Step 2 – Identify the starting line. Audit the data you have, to figure out the data you need.

Step 3 – Create Plan A. Form a strategy to manage and use your big data.

Step 4 – Test big data – To prove ROI and build security.

Step 5 – Create the road map – Operationalise your tested approach to form your strategic/ tactical big data plan.

The starting point isn’t always clear, but through this, you can generate quick wins and move along the strategic path – the frontier – to better results.

Shining The Light On Big Data

Big data can appear mysterious without good insights. We understand rational small data, but need big data to make better sense of irrational consumer thought processes. Utilising big data insights doesn’t have to be hugely complex – though as we’re still making our way through the data frontier, watch this space. We’re going to learn things we don’t even know yet!

For more information on how Acxiom UK helps marketers and brands clearly identify and monetise their data for consumer advantage, see our whitepaper.