Big data providing "game changing" insights for digital marketing optimisation

A webcast survey conducted by analytic data specialist Teradata among data scientists and experts highlighted the rising importance and business value of digital marketing, with big data-driven online marketing analytics topping the areas having the greatest impact on business applications for digital marketing optimisation.

Respondents were asked which applications using multi-structured data have the biggest impact on their business. Digital marketing optimisation ranked first, followed by data exploration and discovery (for example the identification of new data-driven products and markets), fraud detection and prevention, social network and relationship analysis and machine-generated data analytics (for example location-based intelligence).

'Big data' is a term commonly applied to large data sets where volume, variety, velocity, or complexity are beyond the ability of commonly used software tools to efficiently capture, manage, and process. Examples include web logs, sensor networks, social media, medical records and more.

The webcast available online covers best practices among leading organisations and example use cases on big data for digital marketing optimisation, social network and relationship analysis, fraud prevention, and applications from machine-generated data.

Teradata believes customers should act quickly to gain the business advantages created by the emerging class of quants or data scientists. Their skills can be described as a mix of technical and analytical, combined with the acumen of business entrepreneurs.

“Businesses everywhere are feeling the impact of the big data revolution and specific types of multi-structured data are driving new business opportunities,” said Randy Lea, vice president, Teradata’s Aster Centre of Innovation.

“To get value from big data, ‘quants’ or data scientists are becoming analytic innovators who create tremendous business value within an organisation, quickly exploring and uncovering game-changing insights from vast volumes of data, as opposed to merely accessing transactional data for operational reporting,” Lea added.