I was talking to my MD – Dr Vivek Damle. I said, Big data is “relevant information provider” for real time. One cannot rely on old data generated by a person, say in 2010, for marketing strategy (I am writing this blog in 4th Quarter of 2013). The discussion went on a very strange yet lovely tangent, Dr Damle said – “… so big data would take us on the road of spirituality, is it? I mean to say – like suggesting us to live in the present!”
I was impressed with this thought. So here comes the lesson learnt from spirituality and applied to the Big Data and vice versa.
Big data is all about volume, variety and velocity… so data generate say 2 yrs back is likely to be irrelevant for today’s marketing campaign. In coming days or say months – all analytics would move to the real time e.g. at the moment of truth. Spirituality teaches us this very simple lesson (difficult to apply in real life though) – “live in the present moment”. As Master Oogway says in The Kung Fu Panda – Yesterday Is History, Tomorrow Is a Mystery, but Today Is a Gift. That Is Why It Is Called the Present.
I was thinking – is technology forcing us today to spiritual concepts? Or unknowingly are we moving towards concepts of spirituality through technology?
Big data can help identify a persons choices and predict his or her future course of action… but what in case of older data? That data would have lesser significance. Take an example in India, Narendra Modi (PM candidate in India from Opposition Party – BJP) for someone was communal few years back now is a hope, why? because perceptions changed. Vice versa for Dr Man Mohan Singh (PM of India). Old data less relevance. If I talk about my owns example of last month – I was searching for rental apartment, not now. The data I created while searching for a rental apartment last month is irrelevant now. The marketing campaigns will be more real time e.g. the present not based on “Historical” data.
Earlier in my professional engagement as a marketing analytics consultant, we made a predictive model. The client executed the recommendation more than 8 months later. result – failed. no one wanted to take the blame. That’s what is the case is in a fast moving world.
Live in the present.
For Business people – try to be more real-time data based decision makers.
Image source – http://www.greenbookblog.org/2012/03/21/big-data-opportunity-or-threat-for-market-research/