Glossary

Big data

Definition:
Big data is the over-arching theory behind the vast amount of data that exists in today's digital landscape and how companies should go about using this data.

Big data is a hot topic in the business world as companies try to figure out what exactly big data is and how they should go about tackling it and/or using it to their advantage.

On a micro level, big data is all the data that is collected within a business: contact data, demographic data, financial data, etc.

On a macro level, big data is much more. It encompasses all the social media outlets that exist: tweets, likes, videos, etc. In today's world, consumers are constantly buzzing about their newest likes and interests. They listen to their peers more than advertisers and they broadcast their thoughts to the internet. Big data is the idea of harnessing all this insight and using it from a business perspective.

Companies can use big data to gain knowledge about their target market and together with their internal data, hone into consumers wants and needs giving them a competitive advantage above both their competitors and the changing business landscape.

Related links:

How companies are using bid data in 2013 and beyond.