How Big Data & IoT will Revolutionize Businesses? Data is getting bigger and better with the day. You have more information than you had a few years back, and the current technology helps you understand and analyze the information. You can say data has gone real big. Some of you may ask, wasn’t there data in the past too? Did we not analyze that data, and gather our insights? It’s true! We have been surrounded by data for decades; what has changed is the way we look at data, and analyze it. In the past data was in its first dimension, but today it has altered and moved to the third dimension thus empowering businesses, and changing the way it conducts itself. Before we jump into understanding what third dimension of data is, and how it changes everything we have known, let’s try and understand the first dimension.
Changing Dimension of Data Data has been changing its dimension, with respect to the way it is being gathered and analyzed. In the past data was in its first dimension. Based on few demographic parameters and income related data, you could understand the buying intention or behavior of the consumer. For example, if the demography and income of the person was within the threshold defined by the brand, you could be a potential target for the brand. These were the insights which were analyzed by the brand to charge their promotion techniques. This is just one example of one dimension data. This could be extended to other analysis and data gathering methods also. With the arrival of digital era, you can see an observed change in the way data was gathered and analyzed. Data was available from the searches and the way the user consumed digital data. This method was based on behavioral targeting,
and was more targeted in its nature. This data was a collaboration of offline and online data. For example, if someone visited a particular store, searched for the product/service online, or looked at articles related to the product, they became the potential target for the business. If someone showed interest in the ads related to the brand, they would be targeted by the business. This cookie based advertising could infer intent, but could not infer complete consumer intent. In case of first dimensional data, you get data that is over inclusive, while the second dimension data can be under as well as over inclusive. You can miss out on your ideal target with both the data dimensions. That’s why the third dimension of data was introduced, which has revolutionized the whole format.
IoT & Third Dimension of Data The first and second dimension for data is confined in its own way. One reflects on a causal relationship while the other restricts on intent. That’s why there is a need for a third dimension, which has been possible owing to the growth of Internet of Things. The data gathered from man to machine as well as machine to machine interconnectivity will improve the quality of data, and there is indeed a huge amount of data available here. When you are talking about IoT, you are talking about data being made available in real time from the humans and devices, ready for analysis. There was a gap that existed in the first and second dimension of data, which is being filled by the arrival of IoT. The first dimension tells you the person qualified to buy a particular product, while the second dimension talks about the real intent. It is IoT that helps build insights based on the information made available from first and second dimension, to give you your potential target. There is a lot of data, which can be used to create user profiles, and IoT will make it possible when it merges with big data. Marketing will become more informed with the insights that have been gathered and the analytics results that are produced as an outcome. This will help business models adapt to the changing business scenario and adopt newer technologies with ease.
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