Retailers clamoring for big data may first need to firm-up grasp

A recent survey by Edgell Knowledge Network (EKN) revealed that while 70 percent of retailers already have big data plans underway, only 47 percent are completely clear on its exact definition and 20 percent say they aren't aware of it at all. This will likely change in the near future, since companies across industries are anticipating big data benefits, such as data-driven decision making and greater insight into data.

As retailers launch their efforts, there are three things they should keep in mind, according to Business 2 Community. The first is that despite the name, big data isn't all about size. Rather than collecting as much as possible, which is referred to as data hoarding, retailers should go into their plans only after they have direction and specific goals for its use.

The next consideration is that big data does not mean simply analyzing information from within the company, the source adds. It involves collaboration with external sources to gain insight they might not have had otherwise. Finally, retailers must be aware that time is of the essence when it comes to big data. Customers are demanding personalized recommendations and interactions now, which means retailers must have the capabilities to verify data quality and analyze meaning in real-time.