MKTG 460 Lecture Notes - Lecture 6: Big Data, Unstructured Data, Customer Retention
Document Summary
6: decision support systems: working with big data . The key elements of big data: (big data is three dimensional) Volume: the sheer amount of data being collect in big data systems. Velocity: the pace of data flow, both in and out of a firm. Banks and airlines have more data than firms in other industries due to the transactional nature of their business. 55% of business leaders said it is difficult to access their organization"s data in a timely manner. Variety: the combination of structured and unstructured data collect in big data systems. Might be most challenging issue of all. Open-ended responses may be difficult to interpret, Big data is highly variable: data can take the form of survey responses, transaction details, social media references, location data, etc. Determine which combinations of data are most valuable. How wide variety of data types might be combined are key challenges for marketing research analysts and information systems professionals.
