Why Do Companies Use Big Data?

Every day, we produce 2.5 quintillion bytes of data. 90% of all data in the world was produced in the past two years. Data has been around forever; we have always gathered information. Paleolithic cavemen recorded their activities by carving them in stone or notching them in sticks. Egyptians used hieroglyphics to record significant events in history. The Library of Alexandria was home to half-a-million scrolls of the ancient world. Less than hundred years ago, we used punch cards to record and store information. As technology continues to evolve, the amount of data we store continues to grow. We’ve come a long way since stone tablets, scrolls, and punch cards. It’s important to understand the concept of big data and the impact is has created. This paper will define the classifications of data, explain the challenges of big data, and describe how big data analytics is being used in today’s data driven world.

Big Data is an expansive phrase for data sets so called big, large or complex that they are very difficult to process using traditional data processing applications. Challenges include analysis, capture, curation, search, sharing, storage, transfer, visualization, and information privacy. In common usage, the term big data has largely come to refer simply to the use of predictive analytics. Big data is a set of techniques and technologies that need or require new forms of integration to expose large invisible values from large datasets that are diverse, complex, and of a massive scale. When big data is effectively and efficiently captured, processed, and analyzed, companies

Technology companies are using big data to analyze millions of voice samples to deliver more reliable and accurate voice interfaces. Banks are using big data techniques to im- prove fraud detection. Health care providers are leveraging more detailed data to im- prove patient treatment. Big data is being used by manufacturers to improve warranty management and equipment monitoring, as well as to optimize the logistics of getting their products to market. Retailers are harnessing a wide range of customer interactions, both online and offline, in order to provide more tailored recommendations and optimal pricing.96

Today, it seems as if everyone is connected through his or her own cell phone. With this they create data and information, intentionally or not using them. This information can be collected from applications, text messaging, and simple just walking around with a cell phone connected. This data may be analyzed computationally to reveal patterns, trends, and other association relating to human behavior. The creation and use of this data is what today’s society puts under the large umbrella of big data. This paper discusses the ethics of collection practices and use of big data.

What is Big Data? Big Data is the mass collection of user data by mathematical algorithms, databases, data mining, and the use of datasets that were once believed to be static and unusable. Big Data’s history goes way back “…70 years to the first attempts to quantify the growth rate in the volume of data, or what has popularly been known as the “information explosion” (Press, Gil).” Researchers had predicted the massive growth of information and how our ability to collect and store it would need to continue to grow as well.

In a fast paced, business ordinated technological world the overall welfare of a company is tied to the success or failure to make the tough decisions. On one instance a company’s CEO might be able to make the choices based on experience, advice, or simple gut instinct. However, this is not the only skill one needs. There is a great deal of information to be found in being able to see investments in data and analytics. These decisions are based off of big data. Big data is a catch-phrase, used to describe a massive volume of both structured and unstructured data that is too large to process using traditional database and software techniques. The volume of data is in most cases is too big, moves too fast or it exceed the processing capacity the company has. Despite these potential drawbacks, big data contains the potential to help companies by improving operations and making faster, more intelligent decisions. This can be broken into three key parts, knowledge, data, and information.

Big data is buzzword in every field of business as well as research. Organizations have found its application across various sectors from Sports to Security, from Healthcare to e-Commerce.

Back in 2007, I got my first exposure to Big Data while working for a now defunct startup company, called Memedia, to design and build their online ad distribution system. There, I saw firsthand the importance of the data being collected about internet users in helping the company target ads for online advertisers to the right audience through their partner publishers. At the time, Facebook was not the behemoth that it is today and companies were timid about collecting consumers’ personal information. But as we know today, the public has become very tolerant and has allowed social media companies to be more intrusive with

Big data is the new and still relatively misunderstood phenomenon in which companies are you using vast amounts of collected data to reveal patterns and certain trends within their collected data. Though big data is being used in a variety of different fields from retail to governmental uses, it is becoming most prominent within the healthcare field. Everyday thousands of people are admitted into hospitals and seen at various emergency clinics around the world. What if all this data from each individual seen at these clinics and hospital could be accumulated and a detailed report given to see signs of new diseases or new trends of medications effects? This is where big data is becoming such an integral part within the healthcare field.

Big data is anything which is too large for traditional databases to handle. They range from Terabytes of data to petabytes of data. Big data is generated from various sources, such as social media networks, oil wells, mobile phone conversations, weather data etc.

Over the past few years, the volume of data collected and stored by business and government organizations has exploded. This data are refer to as “big data”, as it is an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for information. The big data is a by-product of everyday human activities on the web, the record of multiple dimensions of social life: the tracks of our purchases on automated payment system, the record logs of our queries for finding information on search engines; the record of social networking services of our connections to friends, colleagues and collaborators; the record traces of our movements on wireless networks and mobile devices. The societal benefits of big data include; breakthroughs in medicine, data security, and energy use, conversely it contains personal sensitive information, so that the opportunities of discovering knowledge increase with the risks of privacy violation. (Monreale et. al., 2014; Tene and Polonetsky, 2013).

This paper will look at some of the ‘Big Data’ being implemented today. Regardless of ow anyone feel, ‘Big Data’ s a thing that is not going away. This paper will look at Video and Image Data, Audio Data, Textual Data, Managerial Accounting.

The term “Big Data” has been around for quite some time and has been catching everyone’s attention with remarkable speed. A plethora of questions do pop up in our mind sometimes. What is big data, is this something absolutely new, how can it be leveraged to create value for an organization and so on. For many years, companies have used various transactional records stored in relational databases to make competitive business decisions. But how long can we sustain or depend on these traditional methods of doing analysis and coming to a conclusion. There is an ocean of non-traditional, less structured data such as weblogs, social media, email, sensors, and photographs that can be mined not only for useful information but also to make strategic decisions.

Therefore, the consecutive sections discussed the definition of big data, tools for analyzing big data, data mining, knowledge discovery, visualization and collaborative

Big data is an extensive collection of structured and unstructured data. It is a modern day technology which is applied to store, manage and analyze data that are not possible to manage, store and analyze by using the commonly used software or tools. Since all of our daily tasks are overtaken by the modern technologies and all the businesses and organizations are using internet system to operate, the production of data has increased significantly in past