Introduction. Big Data Is One Of The Most Discussed Concepts

1506 WordsMar 8, 20177 Pages
Introduction Big Data is one of the most discussed concepts in the business world today. The concept of Big Data is one that has been increasingly debated over the past few years by many different kinds of business industries. One industry where this discussion is prominent is the accounting profession. Big Data will be defined more in-depth later on, but in shorter terms, Big Data refers to the exponential sum of data available in our world today. This amount of data is beyond the traditional analysis that can be computed by human power. When Big Data is converted and used to its full potential, it could have a material impact on the accounting industry as we know it. Companies today must stay on top of the Big Data trend if they wish to…show more content…
The massive amount of data available is where the term “big” data comes from. The processing power of a typical server is not vast enough to store this data; new technologies help to ease this burden. To put into perspective how much data is out there, six billion people today have cell phones that are transmitting data. Most United States company currently store a minimum of one-hundred terabytes. It is estimated that by the year 2020, there will be forty zettabytes of data available. This is three-hundred times the amount available in twelve years ago. Velocity refers to the speed in which data is being processed. Often, data can be processed at speeds as fast as a fraction of a second. With such large quantities of data constantly being transferred, it must be dealt with in a timely manner. Modern cars today have over one-hundred sensors that are constantly monitoring aspects such as tire pressure, how much gas is available for use, how many miles per hour the car is traveling, etc. Projections show that in 2016 each person will have over two billion network connections. These are all examples of how quickly data is being transmitted constantly. Consider sending a text message. It is possible to send back and forth several messages within one minute. That is velocity. Variety refers to the many different formats data can come in. Data can either be structured or unstructured; it can come from social media sources, financial statements,
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