From July of 2011 to July of 2012 over $75 billion has been spent in social business IPOs and over $1.5 billion in social business acquisitions. Right now, many of the social networks have become well-funded public companies or part of larger companies. These social media networks include Facebook, LinkedIn, Buddy Media, Vitrue, Radian 6 and BazaarVoice.
Michelle Zhou, who is a senior manager at IBM Research, is working with her team at IBM to gain a deep understanding of people. This includes understanding their personalities and needs. Her team then uses this information to create hyper-personalized engagements with these people.
Currently, Zhou’s team is looking at how they can use big data that is generated on social media, to examine brand perception, as well as the people who voice these perceptions. The team’s goal is to help companies serve their customers better by giving them what they want at the time they want it. Social media assists companies in finding people with similar interests.
Big Data Is Defined According To The Four Vs
- Volume — the scale of the data.
- Veracity — how truthful/accurate the data is.
- Velocity — how fast the data is moving.
- Variety — different forms of the data.
Today, traditional data, including sales transactions and books, are captured and digitalized to make them more accessible. New kinds of data, such as mobile activity and social media, are generated at an amazing pace.
The Insight Of Big Data
Some say that big data is just another way to sell more, but Zhou states that a company understanding its consumers and potential consumers allows the company to serve everyone better.
Analytics is not just targeted advertising, it can also be used as a public service. Big data is used to help an individual find the product or service he wants and has the ability to help a government agency in its response to a crisis.
Could This Be An Indication As To The Power of Big Data?
The husband of Marissa Meyer, who is the CEO of Yahoo, launches a big data investment fund. Zack Bogue has just launched Data Collective (DCVC), which is a new big data firm that is worth watching. DCVC has been working off a fund of only $10 million and has already made some extremely impressive investments.
The people who are participating in this venture bring an enormous amount of collective experience to the table. Data Collective boasts three more partners that are in high demand, including Michael Driscoll, Matt Ocko, Bradford Cross, as well as another 35 investors.
The 35 investors were not named, however, the list of their previous investments were mentioned. Those investments include some of the most successful companies of our time.
DCVC is focusing on the up and coming big data market and is looking to be an early-stage investor. According to DCVC, the Equity Partners will all share in the financial upside of the fund. In its press release launch, DCVC stated that together they are capable of creating a much larger fund.