There's no denying at this point that "big data" is a buzzword that's captured the attention of business leaders everywhere, especially in the IT field. Technicians are talking about data and its ability to transform the way companies make important decisions - but at least for the time being, they've still yet to come to a consensus about how useful data is. Everyone's discussing the topic, but they're not all agreeing.
According to the digital marketing firm Econsultancy, there are still many stragglers in the movement to get behind big data. In the 2013 edition of the firm's Online Measurement and Strategy Report, 8 percent of those marketers asked about data analytics chose the response "don't care - big data is a pointless marketing term." That's an alarming number, as it represents a swathe of the tech community that still hasn't come to grips with the direction of the future in marketing.
Econsultancy revealed that companies have many reasons to hesitate when it comes to big data. Here are a few examples:
Little or no understanding
Some businesses are slow to get on board with big data because they're not sure what the term means, and they don't want to expend the time or energy to find out. Everyone has heard the words "big data," but they haven't all put in the effort to research the topic thoroughly. Some don't have time to delve into the matter.
Other marketing interests
Other companies get what "big data" means, but they've made the conscious choice to turn in another direction to improve their marketing efforts. It's a shame, as their other strategies will likely be less efficient and more error-prone than working with data analytics.
Lack of analytical firepower
Some find that collecting data isn't a problem, but the difficulty lies in using the right tools to analyze and draw meaningful conclusions from it. Analytics can be logistically difficult and time-consuming, and what's more, the best tools for the job can be expensive.
Struggles with quality
Lastly, some companies are sluggish to move forward with big data because they're unsure whether they can reach the requisite level of data quality needed to achieve real results. There's a lot of information out there to be mined, but companies must use address management tools and other solutions to keep their information free from mistakes.
Big data is the key to business growth in the years ahead. It's imperative that companies overcome their difficulties and embrace the future.