Big Data is a huge opportunity for media companies,
but media companies, in general, are still far away
from extracting maximum benefit from a Big Data
strategy. If a Big Data strategy could be broken down
like a Maslow’s Hierarchy of Needs pyramid, media
companies’ level would fall somewhere in the middle,
between the information and knowledge stages.
In order to reach the wisdom stage, media companies
need to embrace the opportunities from a Big Data
strategy, invest in technologies and training in order
to leverage the investment, and finally, extract wisdom
from the data in order to improve processes such as
customer service and product development using this
new-found wisdom.
Although massive amounts of data have been stored
and accessed for decades, the Big Data buzz has
been rapidly growing in business lexicon for only a
few years. Some of the drivers of the buzz are the
expanding mass of data and the general business
awareness that the Big Data disruption must be
addressed.
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