Paul Barron, Digitalcoco, discusses how Big Data is the new island of collected wisdom for the service and retail sectors:
Big Data is the new island of collected wisdom for the service and retail sectors. With so many companies and consumers providing massive amounts of information to the internet and social data ecosystem, the critical mass of statistics has reached a point where restaurant and retail brands can make real strategic decisions, but only if they can make sense of the 2.5 quintillion bytes of data that are created every day.
According to a 2011 McKinsey study, capturing and analyzing very large sets of data are becoming a foundational elements in competitiveness across industry sectors. Brands that want to build and maintain competitive advantage will not only need access to multiple data sets, but also the analytical skill to process and understand the stories the data are telling. Here at DigitalCoCo, we focus on domain-specific data that build restaurant industry dossiers, not just on John Q. Public but on John Q. Public’s actions, activities and interests.
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