From Big Data to Big Profits

Vast holdings and assessment of consumer data by large companies are not new phenomena. Firms' ability to leverage the data to reach customers in targeted campaigns and gain market share is, and on an unprecedented scale. Major companies have moved from serving as data or inventory storehouses, suppliers, and exchange mechanisms to monetizing their data and expanding the products they offer. Such changes have implications for both firms and consumers in the coming years. In Success with Big Data, Russell Walker investigates the use of internal Big Data to stimulate innovations for operational effectiveness, and the ways in which external Big Data is developed for gauging, or even prompting, customer buying decisions. Walker examines the nature of Big Data, the novel measures they create for market activity, and the payoffs they can offer from the connectedness of the business and social world. With case studies from Apple, Netflix, Google, and Amazon, Walker both explores the market transformations that are changing perceptions of Big Data, and provides a framework for assessing and evaluating Big Data. Although the world appears to be moving toward a marketplace where consumers will be able to "pull" offers from firms, rather than simply receiving offers, Walker observes that such changes will require careful consideration of legal and unspoken business practices as they affect consumer privacy. Rigorous and meticulous, Success with Big Data is a valuable resource for graduate students and professionals with an interest in Big Data, digital platforms, and analytics.