At this point, we can all agree that big data is seeping into and affecting businesses of all sizes and across multiple industries. However, as Forrester Analyst Fatemeh Khatibloo points out, the media and industry coverage and hype of the hot topic has produced a confusing hysteria around what big data can actually do. This confusion prevents businesses from utilizing the full power and potential of the modern technology and data points available to them.
Khatibloo notes, “Big data is a journey that every company must take to close the gap between the data that’s available to them, and the business insights they’re deriving from that data.” The gap that Khatibloo is speaking of is found between the IT and marketing departments. To drive results for their companies, marketers must participate in the big data journey mentioned above. Khatibloo writes, “CMOs must be at the forefront of big data to better understand their customers, predict behaviors, and drive contextual engagement.” Big data is no myth. Companies need it to understand their challenges and successes, and its applications is imperative to planning future marketing strategies.