The digital economy creates a lot of unstructured data. In this TV show Nigel Huddleston discusses the challenge of making it relevant to your business.
There’s a real hot topic around big data and it means lots of different things to different people.
But I think the key is, is finding an intelligent way to make this massive confusing information relevant to what you’re looking at.
I think in the hospitality sector again, one of the key things is, is bringing in data from third parties and your own data in a meaningful way
So integrating things like your loyalty programmes with search behaviour, you know, who’s looking for what hotels in which cities and at what times and from what devices, and being able to track that with your own data.
And bring all of these bits of information together so that you can both serve the user but also carry out transactions and push information to the user in a meaningful way.
It’s very confusing. There’s lots of companies out there trying to help with this at the moment.
It’s early stages but it’s very, very important to the industry.
Inside Finance TV is following discussions about the digital economy - Look out for more from Nigel Huddleston
In terms of big data I would say entrepreneurs are really smart now if you are, especially in the digital space of using the data, and I think that has offered so many new opportunities of analysing who your customers are.
How... tracking what customer preferences are, getting a better understanding of... which will help to tailor the product or service that you're offering.
So I think again you need to be smart about it, the danger with it, it's overwhelming.
You have far too much information so I think you need to put the process in to place within the business to utilise it and take it to your full advantage.