Big Data
Big Data
Big data describes an information management strategy that includes and integrates many new types of data and data management alongside traditional data. It is typically described by its volume, velocity, variety, and value. Volume describes the amount of data, typically large unstructured amounts of data. Velocity is described as the fast rate at which data is received and acted upon. Variety describes new unstructured data types such as text, audio, and video that require additional processing to derive analysis and support. Value describes the many different ways the data can be analyzed to be used in business. Big data relates to MIS 2502, Data Analytics, because when working with applications such as MySQL and R Studio, we are extracting large amounts of data and analyzing it in specific ways to find the information needed. Companies all over the world utilize big data in many different ways. One of them includes expanding customer intelligence. Big data examines a broad range of sources that include structured information such as purchase histories, customer relationship management data, and intelligence from industry partners. This also includes all of the unstructured data extracted from social media applications. Every company will get much better insights into what customers want and what they will use. Big data will also improve efficiency and operations. By tracking machine performances, optimizing delivery routes, and tracking employee performances, big data has the potential to improve internal efficiency and operations for any business. If companies use big data correctly, the data they collect will ultimately improve their products and the customer experience.
Bibliography
“The Foundation for Data Innovation.” Oracle. Web. 21 Apr 2016. https://www.oracle.com/big-data/index.html/
Marr, Bernard. “4 Ways Big Data Will Change Every Business.” Forbes. Forbes Magazine, 8 Sept. 2015. Web. 21 Apr. 2016. http://www.forbes.com/sites/bernardmarr/2015/09/08/4-ways-big-data-will-change-every-business/#4c854a0a7900/