Our behavior, both online and offline, generate an incredible amount of data. This is better known as big data. Big data makes it possible for smart equipment or software to have the right information about us, such as our preferences. This allows them to better respond to our needs. In 2011, big data was defined as follows: “big data is data whose management is costly and from which it is difficult to derive value”. However, a lot has changed since the time of this definition. This means that the definition of big data is also changing. It is now much better possible to create value with big data. Big data is now generally defined based on four characteristics: volume, velocity, variety, and veracity. These terms help us at the same time to understand what kind of data big data actually consists of (ABN Amro, 2018). In this article we will explain what big data is nowadays and how tritonX plays a role in this based on the four Vs.
First, the ‘V’ of volume, which is the most obvious characteristic of big data. This is due to the enormous amount of data that is recorded by means of sensors and digitalization. Different types of customer data are recorded in tritonX such as personal data, transaction data both online and offline, and click behavior on for example the web shop.
The ‘V’ of velocity, or the (circulation)speed, refers to a second characteristic of big data. This is the speed at which the data is available. More and more often we have access to up-to-date data. The large number of sensors and other measuring equipment ensures that a stream of data is available in real time. However, it is not only data from the physical world that is available in real time, but online activities are also monitored in real time. In this way, a lot of data is also processed in real time in tritonX. As a Customer Data Platform (CDP) tritonX stores the data centrally and the data is accessible from there for other applications, meaning that all data is always up-to-date anywhere and everywhere. As a result, synchronization problems are prevented when it comes to data.
The third ‘V’ stands for variety, the diversity of available data. Nowadays, data comes from more and more different sources. A distinction is often made between structured data and unstructured data. Structured data is data that is somewhat organized so that it is possible to read the data with an analysis program, such as Excel. In tritonX, for example, this is the transaction data of the various customers in stores, web shops, and e-mail marketing. Unstructured data is unorganized data, such as camera images or sensor data. In tritonX, for example, it is possible to work with iBeacons, which also collect sensor data. It is becoming increasingly easier to convert this unstructured data into structured data using computer programs.
The last ‘V’ is from veracity, better known as data reliability. Sometimes the term value is used instead of veracity as the last ‘V’. this last ‘V’ is a little out of tune with the other ‘Vs’ since big data does not necessarily relate to reliable data. The raw data that is used can lead to a distorted image of reality without proper processing. tritonX therefore ensures that the raw data that is collected is processed correctly and visualized in the marketing dashboard.
So more and more data is becoming available and the need to gain insight into this data is growing. Organizations see the importance of reliable data and want to work in a data-driven way. The problem with this is that it is difficult to combine big data in such a way that useful insights can be obtained here. This is now possible with tritonX. ABN Amro and other organizations are already saying it: “if you don’t work with big data, there is no future.” Based on automation and machine learning, (potential) customers can then be approached with the right message, via the right channel and device, at the right time.
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