The Masters tournament has clearly become one of golf’s biggest events. Because of its large television audience, advertisers pay enormous fees to communicate high priority messages to their target markets.
So what did IBM consider to be important enough to spend over $7 million on a Masters sponsorship? Big Data and Analytics.
This is just another indicator that Big Data and Analytics trend is now a mainstream topic. It is a topic credit unions should know more about.
Many credit unions view Big Data as something for Big Companies spending Big Dollars. This perception is increasingly being challenged. A recent Business Week article explored how smaller businesses are successfully using Big Data and Analytics techniques. In the article, Big Data was simply defined as, “ways to use voluminous information to gain insights into customers, employees, or products.”
In the credit union world, “big” does necessarily mean IBM-sized databases. “Big” become relevant in the context that there is a lot of internal data that is and disconnected and underutilized. Big problems within a credit union could be solved if its own data could be leveraged more effectively.
Solutions have emerged that are scaled to the size of credit union databases and credit union budgets. It is imperative that decision makers take time to understand the Big Data and Analytics trend and map out initiatives to improve performance and gain competitive advantage through better use of data.