Big data has changed how companies do business. With the collection of massive amounts of data, that data can later be analyzed to find actionable intelligence a company can use to sell more products and increase profits. It’s a very powerful tool to have that can help you transform something that was previously going unused into a source of competitive advantage. This is why two-thirds of all companies have chosen to invest in big data analytics.
While collecting and analyzing this data does have strong advantages, you also have to take some care while doing so. As with anything that could conceivably involve the personal data of customers and other private individuals, you have to be aware that there could be ethical concerns relating to how that data is utilized.
One of the most common applications for big data is as a means to personalize advertising. In the past, advertisements were only deployed through mediums like print, radio, TV, billboards and direct mail. With most of these platforms, personalized advertising was impossible. Instead, ads had to target large swaths of consumers with the hope at least some people would be reached that would be interested in purchasing a product.
However, today, with …