Australia might be at the end of the mining boom, but it’s just kicking off the data mining boom.
Big data will need to become more integrated with risk management practices – There are still too many instances of big data-based marketing campaigns backfiring and causing lasting damage to organisations and brands. For one example – Target’s now-famous marketing email that predicted a woman’s pregnancy before she had told her parents. A more recent example of a social campaign gone wrong was JP Morgan’s initiative to run a Twitter Q & A with the bank’s Vice Chairman, Jimmy Lee. Misunderstanding its social media profile entirely, the initiative drew over 6000 very angry tweets from consumers and JP Morgan was forced to cancel the Q & A. Big data can be used to measure community attitudes and assess risk profiles of marketing activities, and in 2014 it will be more important than ever for organisations to include the big data analytics as part of any due diligence process.
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