The use of technology has played an integral role in enhancing the development of the business world. The invention of cars allowed employees to live further from work and made commuting possible, telephones propelled the economy by making instant intercontinental communication feasible, and e-commerce was realized through the invention of the internet. Although technology has alleviated many barriers in business and allowed for more effective and efficient means of sending and receiving data, it comes with its own set of disadvantages as well. In recent years, big data has gain a lot of attention in academia, industry, and even government agencies around the world. Unfortunately, our currently diminutive capabilities of comprehending this …show more content…
What we consider large data today will change with innovation and technological progress. However, a generally accepted definition is a collection of data sets so large and complex that it becomes difficult to process using traditional data processing applications (Wah, Cheng, & Wang, 2015). The amount of available digital data has increased exponentially from 25% in 2000 to over 98% as of 2015. It is expected to double bi-yearly with current capacity at 130 exabytes and projected to be approximately 40,000 exabytes by 2020. For a quick understanding of exactly how large that figure is, one exabyte is equivalent to 1 billion gigabytes of data. Due to its size, it provides companies an untapped resource with vast potential. Big data can be regarded as the new petroleum that will power the future information economy (Wah et al., 2015).
There are four distinct categorizations for big data: structured, unstructured, semi-structured and mixed. Structured data is data that can be analyzed within existing data models, and material information is extractable. Unfortunately, structured data only accounts for approximately five percent of all big data. The majority is unstructured data that cannot be analyzed using traditional data processing methods and include text, audio, video, and images. Semi-structured refers to data that is analyzable but lacks a formal data model structure. And finally, mixed is a combination of the previous three data
Big Data is characterized by four key components, volume, velocity, variety, and value. Furthermore, Big Data can come from an array sources such as Facebook, Twitter, call
Manyika, J. (2011, May 1). Big data: The next frontier for innovation, competition, and productivity. McKinsey & Company. Retrieved May 13, 2014, from http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation
The characteristics of this unstructured data are high in volume, high velocity, or high variety and complexity. Big data comes from sensors, devices, video/audio, networks, log files, transactional applications, web, and social media - much of it generated in real time and in a very large scale.
Big data helps you understand how people perceive your products; with data that is received with every purchase, you will be able to know how your products are received in the market.
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.
Big Data has gained massive importance in IT and Business today. A report recently published state that use of big data by a retailer could increase its operating margin by more than 60 percent and it also states that US health care sector could make more than $300 billion profit with the use of big data. There are many other sectors that could profit largely by proper analysis and usage of big data.
Despite many people recognizing the power of the internet and the amount of data accessible by the internet these same people are unaware of big data itself. According to Tom Price author of the article titled Big Data and Privacy, “Big data is the collection and analysis of enormous amounts of information by supercomputers” (Price). It is also better known as the way in which the extraction of data is obtained from a plethora of non-traditional sources. Often these sources may involve unstructured data like html, email, and social data. However these sources may also be structu...
There is no proper definition of big data but after reading literature, The definition of big data tends to refer to the use of behavioral analytics and predictive analytics or other advanced data analytics methods to extract value from data.[1]
The key strategy implementation efforts at Amazon all surround the use of “big data”. Big data is the growth and availability of large volumes of structured/unstructured data. The use of big data has allowed decision making based upon data and analysis instead of past experience and intuition. Big data has directed organizational change in allowing Amazon to expand from an online book store to an internet giant. Revolutionary application of big data has allowed Amazon to create superior service quality while motivating employees by providing real time information to solve customer issues. Big data has strengthened Amazon’s competitive capabilities by pioneering the application of big data and charging a monthly fee to smaller businesses
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
Currently the world has a wealth of data, stored all over the planet (the Internet and Web are prime examples), but it is needed to be understand that data. It has been stated that the amount of data doubles approximately
...ch Reips. ““Big Data”: Big Gaps of Knowledge in the Field of Internet Science.” International Journal of Internet Science 7.1 (2012): n. pag. Web. 16 Mar. 2014.
Big data will then be defined as large collections of complex data which can either be structured or unstructured. Big data is difficult to notate and process due to its size and raw nature. The nature of this data makes it important for analyses of information or business functions and it creates value. According to Manyika, Chui et al. (2011: 1), “Big data is not defined by its capacity in terms of terabytes but it’s assumed that as technology progresses, the size of datasets that are considered as big data will increase”.
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.