Big data. You're heard of that before, right? You should have, because it's everywhere at the moment and won't be going away any time soon.
Companies are now understanding the importance of big data and are spending increasing amounts of time and money to collect it, but the question they now need to ask themselves is: is bigger data always better data?
Collecting swathes of data on customers is all well and good, but it's making sense of this data and knowing the important bits which are the real challenges.
In order to use big data effectively, companies must set themselves goals before they begin analysing the information so they know exactly what they are trying to get out of it, otherwise they will become overwhelmed.
In this video, Datameer CEO Stefan Groschupf discusses how businesses understand the benefits of big data analytics but they are now challenged with extracting value from this data.