Small And Medium Sized Enterprises

What is big data and how is it defined in today’s modern world? In 2001 Doug Laney Articulated what Big Data meant and this has become the industry standard for the idea. (SAS, 1) More accurately he described the three main attributes that defined Big Data. Laney articulated this idea during a period when Big Data was in its infancy. The amount of Data that could be stored did not allow for the level of analysis that is now common practice fourteen years later. This level of analysis is both changing the way we do business and changing the way we save lives. The amount of data collected from social media alone has completely revolutionized the marketing world allowing for targeted marketing campaigns at certain demographics. Laney described big data in three ways. (SAS, 1)

According to google big data is defined as, “Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions”. Big data has really taken off with the use of cloud computing. Though they sound the same, the main difference between cloud computing and big data is the cloud is the actual infrastructure while big data is the actual content you will see in the database. Today’s industry is built off information, the more information a person can get to know about you, the more they can use to their advantage. A good example of this is the shirts you buy off an online retailer. If you have information and trends that show you may get suggestions similar to that brand with recommendations or even get promotional coupons depending on how much information you have given to this company about yourself. These companies with their powerful databases can look at an individual user making this concept very powerful in today’s market. According to Ularu, Puican, Apostu, and Valicanu (2012), “IBM’s view Big Data has four aspects: Volume… Velocity… Variety… Veracity.” These are all determined from the how big the size and

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

Big data and its definition has changed over the years. In a 2011 research project by MGI and Mckinsey’s Business’ defined big data as

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.

What does it mean to say “big data”? Big Data is more than just massive amounts of data stored together. It is more than just data delivered or analyzed fast. Meta Group’s Doug Laney described it as data that has volume, velocity, and variety (2001). This is the 3 V’s of Big Data and is widely used to define it. Additions to this definition include other V’s, such as veracity and value (XXX). What is volume? Volume could be 7 billion people speaking at once. It can be the data created by millions of Americans uploading photos, buying shoes online, or searching for the definition of Big Data. It is the volume of data being created by researchers at unprecedented amounts to chart the stars, to map the human genome, or to trend

Big data is a relatively recent concept in the marketing world that describes the process of analyzing massive data sets to uncover trends. The data sets are so large that it would be almost impossible to find such trends without high-powered analytical technology. Big data has been facilitated by the ability to gather massive amounts of information about consumer profiles and shopping trends. The primarily facilitators of big data collection are credit card companies and online companies like Google and Facebook that track people's purchasing and computer usage patterns. Big data has been used in a lot of different industries to revolutionize everything from health care to manufacturing to government (Manyika, et al,

What is big data? Big data is structured and unstructured data that is difficult to process using traditional database and software techniques. This is because of its extensive size. Big data ranges “from a few dozen terabytes to many petabytes of data in a single data set – and are constantly growing” (Hopp). A terabyte is equal to 1,024 gigabytes, while a petabyte is equal to 1,024 terabytes. A regular iPhone has 16 gigabytes, so a terabyte contains the same amount of digital storage as 64 iPhones, while a petabyte contains the same amount of digital storage as 65,536 iPhones! Structured data is in a fixed field within a record or file (usually databases or spreadsheets). Unstructured data is unorganized and hard to interpret by traditional databases or data models (like photos, webpages and emails). Structured data is a lot easier to work with and can be easily classified, so it is preferred in big data over unstructured data.

When you hear the word “big data” what it is that first comes to your mind, a straight forward answer would be huge amount of data ranging between tens or hundreds of peta bytes to few zeta bytes of data. In a way, Big Data is not just about the amount or volume of data but one way it is about deriving business value from a range of new and emerging data sources, including social media data, location data generated by smart phones and other roaming devices, public information available online and data from sensors embedded in cars, buildings and other objects — and much more besides. Another way to define big data would be a 4V model wherein Vs stand for Volume, Velocity, Variety and Veracity. The next question that pops in would be what led to this huge pile of data, well certainly days or months or years is

Big Data is a term for very large amounts of formal and informal information that can be analyzed to find trends and patterns. The information can be about anything, but it needs to be processed in a way that will give it value and relevance. It can come in multiple formats and from different sources such as large databases, electronic records, social media, mobile phones, apps, wearable devices such as pedometers, and others. Different data sets are combined and contrasted in different ways to give perspectives and insights about a topic. It can be used in a seemly endless number of ways and people are discovering new ways to use it all the time, some of them entertaining. The largest areas of use include those relating to consumer behavior and choices, business procedures, healthcare, science and research, and law enforcement. People are also discovering its use in their personal lives as well for things like buying a home, dating, fitness routines and travel.

In 2012, the concept of ‘Big Data’ became widely debated issue as we now live in the information and Internet based era where everyday up to 2.5 Exabyte (=1 billion GB) of data were created, and the number is doubling every 40 months (Brynjolfsson & McAfee, 2012). According to a recent research from IBM (2012), 90 percent of the data in the world has been created in the last two years alone, and Internet activity in each second today will generate more data than all the data combined in the

Although we hear the term ‘big data’ frequently now, the true definition of big data does not seem to have a singular, agreed upon definition. Depending on who you ask, big data can mean many different things. What would seem to be the most intuitive definition of ‘big’ data is not necessarily the correct one. Though the size of the data is an important aspect, it is not always the defining factor. According to Dell EMC’s video, Big Ideas: How Big is Big Data, big data is “any attribute that challenges the constraints of system capability or business need.”1 Will Hakes, Co-Founder and CEO of Link Analytics, claims that big data cannot be defined in precise terms and is, effectively, a “rallying cry.”2 Hakes does, however, agree that any

The world is changing with respect to the growth in big data and to the way in which it is used. Growth in big data brings with it many challenges, but it also presents new opportunities. Figure 1, helps understand some of the big data related activities that are taking place in the world with respect to volume of data that is being consumed by these activities over the next 5 years.

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

Small and medium enterprises (SMEs) normally share the characteristic of limited scale in their operations, and they play significant important role in economic development in many countries around the world (Kotelnikov, 2007). Although SMEs contribute lots of stimulus to the national economy, they commonly suffer from a lack of nationwide geographical presence and an inability of provide their services 24 hours a day and 7 days a week. The implementation of e-commerce eliminate these adverse conditions and promotes SMEs to extend wider markets without expanding their physical presence (Quaddus & Hofmeyer, 2007). E-commerce has a strong appeal to SMEs because it is able to make geographic locations, distances and time