The New Jersey Institute of Technology’s Online MBA program sent me this infographic entitled “Data Mining and Decision Support Systems“, in which the university describes big data and data mining as the new way of carrying out market research. As a matter of fact, data mining isn’t new – I first heard about it in the 1990s when it started to become fashionable, namely in the Banking industry – and it is not directed at “new data” but “existing data” as is described in the infographic.
If data mining (or even Big data for that matter) per se isn’t innovative, massive open databases, and unstructured data like those gathered by Facebook and Google actually are the new kids on the block. NJIT even heralds these new giants as the future major players of the data mining industry. To an extent they already are.
And true enough, data mining is bound to become, at last, a major player in the Marketing field for the years to come: when it comes to clients … and prospective customers alike (that’s the real novel aspect of it, we can now gather information about clients to be).
Challenges related to big data implementation
Yet, many challenges will have to be overcome by businesses which want to benefit from this new wave of market research brought by the big data era : improving data quality is one (this is why the retail industry is ahead of the game: check-out data is massive and squeakily clean), allowing time and resources is another, not to mention knowledge and training and, last but not least, internal limitations as to how data can be shared across departments. No wonder that 1% only (according to Information builders) of company information is used at the moment.
Now here’s the challenge, and only those who are able to overcome it will be able to reap the benefits from these new marketing opportunities.