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Re-defining the Buzzword: Big Data

In 2013, "Big Data" was named as one of the most overused buzzwords of the year. So this month we're talking about business buzzwords that we're sick of hearing, and then offering some funny alternative defintions and substitute words to use instead. We hope you enjoy our cynical take on some of the most overused buzzwords, and maybe you'll learn a thing or two!

Big data is the modern day poster child of business intelligence in the enterprise. It has branched out and impacted professionals in IT, market research and marketing all around the world. Research from Mckinsey Global Institute indicates a 40% projected growth in global data generated per year vs. 5% growth in global IT spending. Furthermore, the big data market for predictive analytics is a 2 billion dollar industry today, and predicted to be 3 billion by 2017 by Forrester Research.

We already know big data is important, but many of us are annoyed with seeing the word thrown around inappropriately and out of context. So what are some good alternative words and phrases to use instead of big data to get the point across? Check out some of these to use instead.

Smart data 

Custom technology driven solutions that actually make the big data useful and help businesses make decisions. One of the biggest drivers of development for our real-time customizable survey dashboards is continuing to find ways to make data smarter and easier to interact with.

Data visualization 

Stats and figures you want to see in an easy-to-read graphic format. We love to use SecondPrism online to create visual dashboards or SA Viz for mobile survey data visualization on the go.

Predictive analytics 

Using data from the past to predict the future. At Survey Analytics, we have a market segmentation simulator to use in combination with conjoint analysis to predict the future marketshare of new features/products/services! Learn more about it from a recent webinar we had here

Internet of Things (IoT) 

This is the shift in technology to make everything in the physical world one big information system. With smartphones being coined as an extension of ourselves, the world is one step closer to making this happen. For now, things like API and integration of multiple software platforms and databases are filling the gap. We currently offer API to, Google Analytics and are in progress with ExactTarget achieve interconnected survey data for sales and marketing teams.

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