In my previous article in this series exploring the application of Big Data to marketing, I looked at how the Volume component of Big Data provides breadth and depth to your understanding of your customers. In this post, I will explore the second of the 3 Vs, the potential impact of Velocity on Marketing.
Let’s first look at what we mean by Velocity and put down a simple definition of ‘Velocity is the speed of data growth/change’.
In the last few years, the accumulation of data has grown at an astonishing rate, with the amount of data increasing by 2.5 exabytes each day or 40% annually at current rates and accelerating.
The big question is, what does velocity mean for businesses looking to tap into it and does this speed of growth/change…