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Companies can make better decisions with big data

Paul Newman Archive

Big data is generating a lot of buzz that it might have earned for the wrong reasons. It is not as new as it may seem and doesn't automatically turn fountains of data into valuable business insights that generate millions of dollars in sales, as explained by Network World. In fact, big data can be seen as a beefed-up version of business intelligence. Instead of processing only structured data, it can also process unstructured content, and in addition to private information, it tackles public data as well.

Although some big corporations have been collecting what could be considered big data since the 1990s, many small and mid-sized businesses weren't been able to capitalize on the analytics strategy until now because they lacked the tools necessary to do so, such as databases, data quality checks and IT analysts.

Now, companies such as GameStop are investing heavily in big data to correlate customer information in their databases, point-of-sale systems and loyalty systems with posts on social media sites and mobile browsing histories, which they hope will produce deeper insights into buying habits, The Wall Street Journal reports.

Once companies get their hands on this information, they can make better decisions about how to spend their time and money, GoodData CEO Roman Stanek told InvestorPlace.