MIS4596-Tony Messina-Sec 002-Spring 2017

Realizing the Potential of Big Data

 

Big data has been a growing topic for some time now, however, not all companies both large and small may realize its potential to running a successful business.  Big data is becoming more mainstream and is now being used to drive businesses as opposed to simply look back and reflect on previous performance.  The article states that not all businesses are aware of the value this data can bring which can lead to a lack of vision, plan, and communication.

1.) How do you see big data shaping the way companies do business?

2.) Do you think big data is necessary for all companies whether it is a large corporation or a small local business?

Article: https://www.forbes.com/sites/danielnewman/2017/01/31/realizing-the-potential-of-big-data-and-analytics/#c02a678709a0

4 Responses to Realizing the Potential of Big Data

  • As we all are seeing and witnessing big data is the hottest topic but their is a disconnect between business and what to do with all this data. Another on going problem is information bias when trying to pull quality information from all the data. The amount of data that business are retrieving and storing is beyond any persons understanding. Its similar to when we do a google search. For the most part when we do a search, we tell google what we want and some information comes back for us to view. Now there is so much more information on the other end that is beyond our comprehension.
    There are talks about A.I and how this will change everything about our interactions with data. One area is the medical field. A patient will come in, all the patients records will be analysis and then referenced to every know situation to help determine the best diagnosis and procedure to take. A.I will be able to reference the data base to request the best data (like an SQL statement someone has to tell the system what to do).

  • I think it is pretty clear that big data has an enormous impact on the success of many companies today. Having all of this data is one thing, but being able to understand and leverage it for success is a skill that not everyone has. I think we are at a point in time where more and more people are beginning to learn this skill, and I think that we will be using big data to make business decisions from here on out.
    I don’t think big data is necessary for all companies in order to be successful, but it is if they want to be as successful as possible. Just from personal experience, I have worked for a small “mom and pop” shoe store, which isn’t really up to date when it comes to technology and data trends. They are a successful company and are doing well, but I do believe that if they utilized big data and current technology then they could be a lot more successful.

  • I would have to agree with Kyle, big data has already had a huge impact in businesses today. Unfortunately, not all companies know what to do with it. If you are able to manage it, big data can be very valuable. It can help make smart data driven business decisions and provide insightful information.

    I don’t think every company needs access to big data. I would say only big companies like Fortune 500 companies can find value in big data. Small companies don’t find themselves in the need of large sums of data to help make business decisions.

  • This ever-increasing quantity of data generates enormous challenges, but also generates significant business opportunities. Data processing is no longer the sole domain of relational databases. Unstructured data such as digital photos, videos and social media are growing at an even faster rate than structured data. As a result, an entire new industry has formed around technologies aimed at storing, sorting, viewing and gleaning business insights from big data. Companies such as Hortonworks and Cloudera help businesses manage their data using a new open-source data framework called Hadoop. Companies like Tableau, Birst and Domo help their customers see and understand their data in profoundly new ways. Collectively, these companies have generated billions of dollars of financing from investors of all stripes interested in profiting from the explosion of big data.

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