In the world of Big Data, is more considered better? We are living and working in a new age where data is gathered from every transaction, social media post, and app download every minute of your day. Businesses are jumping on the Big Data train to try and gain insights into their customers’ behavior in order to increase purchase behavior. Now the question is how much is enough and when is too much data harmful? The key to success is pinpointing the relevant data points to create the most insightful recommendations to drive your business’s goals; whether that is downloads, purchases, or shopping cart sizes. Just as important as gathering the insights is presenting them in the most relevant and efficient way to your customer.
The premise is simple enough, if you’re driving from Los Angeles to Seattle, do you care what the traffic is like in Chicago? Probably not. This same basic principle can be applied to many data-driven applications. Going further, you probably don’t even care about what the traffic is like five hours away because it isn’t relevant to your decision making right now. The ability to determine context and predict its future importance is where Medio and Nokia’s HERE platforms will come together.
For thousands of years, maps were created on flat paper that remained as static as the day they were drawn; moving into the digital world, this is no longer an issue. The main problem with maps that don’t update or evolve over time is that they always display the maximum amount of information and instead, could benefit greatly from simplification based on context to improve usability and relevancy.
HERE’s mission is to create “Maps for Life”. This means gathering a huge amount of raw data and predicting what is important and what isn’t. Medio’s task is to strengthen and refine this process. Due to data being one of the most important resources in this day and age, access (or lack thereof) to essential information, can make or break a company’s success. Data can be abstract and hard to handle, but true insight is being able to turn that raw data into predictive indicators that lead to successful business assessments. In other words, choosing what information to leave out can be just as important as what information to leave in.
For a more in-depth summary of the services and features that Medio offers, we recommend that you read our White Paper on how we maximize mobile revenue with big data management.