Big Data And Its Effect On Our Lives

1607 Words7 Pages
It is that time of year again, to sit back, and reflect on everything that has happened in the past year and to make predictions of what will happen in the years to come. The new job that is starting to move out of the woodworks is ‘Big Data.’ These large volumes of data are being used in ways no one could have imagined years ago. Data analysts are using this newly found information to improve the world around us, from helping companies make a more efficient profit, research the climate changes, or improve how people live their daily lives. According to Investopedia, Big Data is, “The growth in volume of structured and unstructured data, the speed at which it is created and collected, and the scope of how many points are covered. Big…show more content…
Laney uses velocity because data streams are getting faster and more efficient in speed as the days go on. This is due to the fact that the information they are uncovering is crucial to their business; therefore it has to be dealt with in a timely fashion. The last V is variety. The data that is collected comes in an assortment of formats: structured, numerical data, email, video, audio, and financial transactions (What is Big Data?). SAS Institution considers two more features to properly define big data to it’s fullest: variability and complexity. Big data has variability due to the fact data flows are highly inconsistent. They are inconsistent because of trends, seasonal, and event-triggered peaks making data always coming in, in different quantities. Collecting the data is complex and tricky because it comes from a variety of sources, in many different formats, making it difficult to link, match, cleanse, and transform data to make connections and correlations (What is Big Data?). The amount of data, and how complex it is, is not what is important. It is what businesses do with the data matters. When analysts look at the data they take into consideration for key concepts: cost reductions, time reductions, new product development and optimized offerings, and smart decisions making. By looking closely at these four key points, businesses can accomplish: determining root causes of failures, generating coupons at the point of a sale where they can
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