Type: Analytical Essays
Sample donated: Connie Graves
Last updated: August 21, 2019
In, today’s society you see businesses start to use big datawhen it comes to checking on their assets. Big data is when is describing alarge amount of data that is both structured and unstructured that indicates abusiness on a day-to-day basis (SAS, 2018).
The name “big data” is new to ourknowledge, the concept; however, has been around for as long as people canremember. What people need to understand is that big data does not care on howmuch data is stored, but what you actually do with it makes all the difference.We will be discussing about what big data is really worth; how it has impactedon business, the economy, health care and society; the five step to identifyingthe most valuable 5% of your data; and at what point companies create adedicated business unit.People have always been skeptical on whether on data has actuallymade a difference with gathering data sets. The Financial Accounting StandardsBoard (FASB) has struggled to update the rules for an economy increasinglydriven by information and intellectual property (Monga, 2014). Companies wouldestimate the shelf-life of their data and how to account the time spent ongathering data and would question if they would to recognize it as an expenseor a capital. The lack of understanding of how to measure data causes blindspots for the investors and when this happens they go to look at all the datathat has been collected (Monga, 2014, p.
2). Investors or even any type ofcompany were to just collect all their information based on what they see/hearon the market is not always correct and that would make they make theirdecisions on false information. With using big data companies and investors arelooking at a lot of data that has been collected for a period of time to makean intelligent decision.
With how fast the big data era has been, the global marketbelieves that this could lead to revolutionary changes within businesses,political and social enterprises, platforms, and analytics (Roy, 2015).Analytical organizations have moved to using this to their advantage to findinformation that has been hidden behind other data and started to make the bestuse of it. With looking in the health care area the benefits of big databecause it will allow them to decode human DNA within just a few minutes, helpthem find cures for illnesses, and possibly help accurately predict humanbehavior (Roy, 2015). Having these advantages would make a huge difference withthe quality of life because it will allow the medical professionals pinpointthe problem in less amount of time which would allow them to come up with aplan of action a lot faster to cure whatever illness we might have. On a business perspective there has been a few issues withregarding privacy and how the companies use our private information (Roy, 2015).No matter what businesses do there will always be worries about how to keep theprivacy, however, big data will help everyone across the data-driven spectrumto help gain new insights.An insightful way to remember big data is being able to see thatyou can see 95% of all the data has little meaning to you, but can you findwhat the remaining 5% of data holds the most value.
When we are looking at datawe look for three commonly accepted attributes which are volume, velocity, andvariability (Acxiom, 2015). The first step is to put the consumer first and itties in with big data because it creates new opportunities to improve theproduct, and change the price. The main thing with the first step is to makesure that you are making your efforts live up to match your businessobjectives. Second step is to define the starting line, where you clearly seewhat your organization has. To fully see where you are at the business has togather all the information that it possibly can access and then be scored on anumber of whether it is a valuable source. The third step is to create a “planA”, which is to test and invest the strength of the analysis and findings.Having a plan will make the big data be actionable, but a challenge that theyface is what data they select to be put on the platform to not make it a huecluster.
To remember this step just think “it is the agility in the face of anever-changing data landscape, and not just in volumes with distinguishes bigdata solutions from previous incarnations” (Acxiom, 2015, p.7). The fourth stepis test the big data. This is where we test to see which of the informationwill give us the most useful predictive information, providing uplift based onthe proof of the concept that was found, and to manually executing theintegration steps that is done in live environments. The fifth step is emulatehuman vision- focused and peripheral. This is where we can see what data canmost quickly be captured and translated into existing environments.
Byfollowing these five steps you can find the 5% of information that is superimportant to what you are looking for. In a survey that was taken the “sale of data” is the third mostcommon type of revenue generated by marketing organizations (de Montcheuil,2014). We see this as a revenue generator because most likely you are dealingwith licensing/royalties. Some companies sell their data because someone oranother company found out that they were sitting on a “goldmine” and there wasno sense to not leverage it.
Big data comes into play with having a lot of datato gather for the fact that marketing has been around forever to choose from. Fromthe information that you choose could affect whether the company would want tosell their data, and depending on the finding it can either help your revenuesor decline them. If companies were to sell their data they would be receivingmoney because other companies was liking with what they are seeing, which inthe end makes them a profit. Company’s would create a dedicated business unitwhen have sold 43% of their data.In conclusion, we discussed how the name “big data” is new toour knowledge, the concept however has been around for as long as people can remember.
What people need to understand is that big data does not care on how much data isstored, but what you actually do with it makes all the difference. We discussedhow what big data is really worth; how it has impacted on business, theeconomy, health care and society; the five step to identifying the mostvaluable 5% of your data; and at what point companies create adedicated business unit.