Big Data… or Smart Data? Data-Driven… or Data-Inspired?
Does the average marketer need Big Data — huge chunks of data off the Internet, not from internal data warehouses? Or do they need “Smart”, manageable data? The problem with Big Data is that it deals with population level responses and comes in Terabytes volumes, which are not much help to anyone except the largest businesses and governments. And, sometimes, Big Data messes up. For most companies — who are probably being heavily pitched by Big Data vendors, the digital and online data they actually need for decision support can be found at a fraction of the cost using precision techniques that downsize Big Data to suit their business needs.
There’s a difference between being data-driven and data-inspired.