Big Data Research Assignment
BIG DATA
Brief Overview:
Data is vital for the success and growth for all companies. Every day, we create about 2.5 quintillion bytes of data. This immense collected data is what the industry refers to as Big Data. This data generates from everywhere: purchase transaction records, social media websites, tools that monitor weather, cellphone GPS signals, digital pictures and videos, etc. Big data spans through four dimensions which include volume, velocity, variety, and veracity. Big data is more than just a size and growth of data accumulating; it is an opportunity for anyone to find insights in new and emerging types of data and content. The data collected can be analyzed to help businesses make wiser business decisions and improve products and services.
How the topic relates to the material we have covered in MIS2502:
MIS2502 (Data Analytics) relates closely with big data because the course demonstrates how to gather and interpret data in efficient and effective methods. Having the skills learned in MIS2502 enable students to analyze data. This creates an opportunity and an advantage for these to students to find niche ideas. Data is discrete, unorganized, raw facts but with the skills learned we can transform the raw data into meaningful information.
Case Study:
An excellent example of how big data is being applied in practice is how information from customers can increase and broaden the perspective of businesses today. Businesses like Amazon collecting massive amounts of data from their customers shopping on their website. This creates an enhanced 360 degree view of their customers. In other words they are able to gain a full understanding of their customers. This helps them understand why certain customers buy a certain product over another, how they prefer to shop, when they prefer to shop, why customers switch to new services, predictions of what customers will purchase next, and more! Shopping online has become an easier experience because companies can learn from customer purchases from just a click.
Works Cited
“Big Data Transforms Business – EMC – Overview.” Big Data Transforms Business – EMC – Overview. N.p., n.d. Web. 14 May 2013. <http://www.emc.com/campaign/bigdata/index.htm>.
“IBM Big Data Use Cases – What Is a Big Data Use Case and How to Get Started.” IBM Big Data Use Cases – What Is a Big Data Use Case and How to Get Started. N.p., n.d. Web. 14 May 2013. <http://www-01.ibm.com/software/data/bigdata/use-cases.html>.
“Insights & Publications.” Big Data: The next Frontier for Innovation, Competition, and Productivity. N.p., n.d. Web. 14 May 2013. <http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation>.