MIS 2502 Write-Up
The Concept of Big Data
Zachary Morgan 4.23.2015
Big Data is a relatively new term than is being referred to more in the past few years. Companies in all industries have discovered that analyzing data enables managers to reduce costs, increase sales, and understand target markets and industries. As a result, these companies understand that the more information collected, the better decisions they can make.
This new concept of gathering enormous amounts of data have led to the three V’s of Big Data: volume, variety, and velocity. First, as stated earlier, the volume of data that organizations has exponentially increased. This meaning companies have begun utilizing RFID tags, bar codes, and analytics on users to understand the products, movement, environment, and habits of consumers. Second, big data has a great variety of forms. Data is now has many forms for individuals and products. These include phone numbers, addresses, income, and purchasing habits as well as product dimensions, locations, movement, shipping and reliability. Third, the velocity and speed at which data is demanded increases exponentially and changes quickly.
MIS 2502, Data Analytics, covers the extraction, transformation, and loading process of data. This is the process of taking data from a raw sense and transforming it into meaningful information. In the real world, big data is utilized by analyst understanding the importance of the value of money. Google and Amazon are the best known for this. Amazon tracks purchasing habits of buyers that view and buy similar product and use that information to suggest other potential sales. This both increases the sales of Amazon but also enables consumers to find product easier that they may need. Without utilizing an enormous collection of data, these companies would be unable to provide such services.
Getting Big Impact from Big Data
http://www.mckinsey.com/insights/business_technology/getting_big_impact_from_big_data
Big Data Defined
http://www.sas.com/en_us/insights/big-data/what-is-big-data.html
What is Big Data?
http://www.ibm.com/big-data/us/en/
A Very Short History of Big Data
http://www.forbes.com/sites/gilpress/2013/05/09/a-very-short-history-of-big-data/