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PEER 1Big data is one of the most influential IT Megatrends in business today. Big data simply means a large volume of both structured,semi-structured and unstructured data, that inundates a business
Big data is one of the most influential IT Megatrends in business today. Big data simply means a large volume of both structured,semi-structured and unstructured data, that inundates a business on a day to day basis. Big data is often generated in real time from log files, social media, sensors, devices, video/audio, networks, web, and transactional applications. Organizations are using insight generated from big data to make informed decisions, predict customers behavior and to deliver a personalized service or product for their customers. A retail outlet like Target tracks what customer buys and when.This insight is now used to reach a competitive advantage. In 2012, data scientist at Target were tasked with a challenge. Once a woman gives birth, the baby’s birth becomes public record. Public records are often scoured by advertisers, and before she knows it, she’s inundated with offers on everything from diapers to strollers. What if you could target her before the baby was even born? Using data about women’s shopping habits, Target was able to identify that women buying large quantities of unscented lotion, cotton balls, supplements, and washcloths might mean that she’s anywhere from a few weeks pregnant, to very close to her due date. And if they can get her shopping at Target before the baby is born, chances are, they’ll hook her for life. In one case, a teen was suddenly getting mailers from Target promoting cribs and bibs, before she had even told her father about the pregnancy.