Dear Brandon,
I think that you are focusing rigorously on the dark side of Big Data (as seen with your cited source). As a business student and potential business leader, would you opt-out of using big data and not to try to understand the attitudes of consumers better? Big Data was not solely made to be the” bad guy.” Recalling what we read in The Future is Faster than you Think Big Data chapter, UPS used big data to optimize delivery routes saving $50 million. Again as a potential business manager, wouldn’t you do the same? Moreover, customer satisfaction rose because delivery times were now faster and more efficient. Too often, managers miss out on opportunities within their respective fields because they feel something is wrong, even when the law gives them the green light. Recalling what we read about Netflix and how it gathers individual’s data, they use it to recommend series and movies for specific individuals, strengthening consumer satisfaction and overall value proposition. If I haven’t convinced you up to this point, then please read on.
Numerous studies have shown that big data can also help small businesses. Some key findings are displayed below.
- Using big data cuts costs
- Increase efficiency
- Improves pricing strategies
- It gives potential to compete with big corporations
- Allows focus on local preferences
- Increase sales and loyalty
- Ensures you hire the right employees
As you can see, the benefits exceptionally exceed the potential drawbacks that may arise with privacy concerns. After all, I don’t mind companies selling my demographic information to other companies. In fact, I would sincerely appreciate it as marketers will be given the opportunity to target more relatable ads since I’m tired of seeing ads on T. V that are irrelevant to my interests. Overall I enjoyed reading your different perspective on this issue. Great post.
