Big data and its effects on marketing in the Finnish business context

Abstract

Purpose of the study Mankind has never before produced as much data as it produces today. According to different estimates, the years 2011-2013 produced 90% of the data that human history had previously generated in total and the pace is increasing. With the help of digitalization data is also increasingly being collected and stored. Companies are showing great interest in the data as it provides means for more effective research and development, product design, innovation and marketing among others. As big data utilization is fast becoming a norm for successful companies across industries, this thesis aims to provide a broad overview of the essential characteristics and implications of big data and its usage in the Finnish business context.

Methodology The lack of existing research has influenced the completion of the research as an explorative study, wherein qualitative research methods based on thematic interviews with big data practitioners and big data experts. The interviewees and interview themes have been selected based on findings in prior research, with the aim of allowing us to develop a comprehensive yet in-depth understanding of state of big data utilization in Finnish business context.

Key findings The empirical findings suggest that Finnish companies primarily use big data in four different ways. According to the research the ways are better customer understanding, better customer experience, internal effectiveness and better predictability. All in all, the adoption of big data utilization for Finnish companies is still very much underway, thus further reseach is called for.