Big Data is regarded as one of the most popular emerging technologies. Our day to day comprises of several activities and most of these activities relate to the way we interact with people, how we shop and search for things. There is now an increased awareness on how to log all this data and draw meaningful insights and conclusions out of it. As a result, there are a number of companies that accumulate data in large quantities. It is not just the quantity, but the speed in which this data is being collected that contributes to the notion of Big Data.
Nasri, Grace. “Why Consumers are Increasingly Willing To Trade Data For Personalization.” Digital Trend. 10 Dec. 2012. Web.
Big data technology deals noteworthy contributions yet also delivers amazing challenges to World Wide Web growth. The big data exploration progresses have resulted in economic forecasts such as advanced decision-making in key development areas like that of health care, employment, economic throughput, crime, security, and natural disaster and reserve management
First of all, Dr. Chan introduced the main idea of “Big Data” using four V’s. They are: Volume, Velocity, Variety and Veracity. First, “Big Data” is large Volume, millions, even billions of data. Second, in a single minute, there are millions of data are being processed in the world. Third, variety kinds of data are available like video, text etc. Last, the data need to be accurate. He addressed that those huge amounts of data not only need to be stored, but also need to be analyzed. The approaches of analyzing those data involve Data Mining, Machine Learning, Clustering and so on. After these processes, people could predict whether, recommend products to others like amazon, or organizing articles like Google news.
Albertson’s also has also taken steps to boost it average sales. Albertson’s goal is to fill every shopping cart to as full capacity as possible, as well as getting to know their customers a lot better. They have installed have installed a $50 million NCR Teradata where house in order to analyze customer data, and what type of products certain customers primarily purchase. They then plan to use their customer loyalty cards, so that they can match individual buying preferences against store inventories. Also through technology this data is available for analysis minutes after customers leave the store. This is a very valuable resource, because now Albertson’s may be able to reach its goal of having the right products, on the right shelves, at the right time.
Big Data is a term used to refer to extremely large and complex data sets that have grown beyond the ability to manage and analyse them with traditional data processing tools. However, Big Data contains a lot of valuable information which if extracted successfully, it will help a lot for business, scientific research, to predict the upcoming epidemic and even determining traffic conditions in real time. Therefore, these data must be collected, organized, storage, search, sharing in a different way than usual. In this article, invite you and learn about Big Data, methods people use to exploit it and how it helps our life.
As technology get more advance, people use cameras, tracking devices in the stores to track customers shopping behavior. The retailers apply every detail that they get from anthropologists to get people buy their products. Some people claim that the surveillance of consumers by retail anthropologists is manipulative and unethical. However, the claim is not entirely true. Many retail use the data they get from anthropologists and apply it to their store to create great experiences for their customers, encourage customers to revisited, and ultimately improve business performances.
Big data is a concept that has been misunderstood therefore I will be writing this paper with the intentions of thoroughly discussing this technological concept and all its dimensions with regard to what constitutes big data and how the term came about. The rapid innovations in Information Technology have brought about the realisation of big data. The concept of big data is complex and has different connotations but I intend to clarify its functions. Big data refers to the concept of a collection of large and complex amounts of data that are found extremely difficult to notate or even process by most on-hand devices and database technologies.
Adopting big data can also help the banking industry by saving them from lots of embarrassment resulting from increase in the number of customer which in turn requires banks to improve on their performance. As stated earlier banks are entrusted with lots of information and this information must be safe will be required to be accessed ready and in a timely fashion. The use a normal small database will not be enough to perform this operation and if banks don’t embrace the use of big data they might start to experience failure in there system.