The World 's Data Pool

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Intro to big data “We create as much information in two days now as we did from the dawn of man through 2003”- Eric Schmidt, former CEO, Google Inc. Every minute we send 204 million emails, generate 1.8 million Facebook likes, send 278 thousand Tweets, and up-load 200 thousand photos to Facebook (Source: www.scoopintel.com). With every click, search and share, the world’s data pool is expanding. For centuries, companies have been making business decisions based on transactional data stored in their databases. Beyond that limited internal data, is huge amounts of untapped data that can be gathered from non-traditional sources like emails, blogs, and social media and search engines. Companies have started paying attention to data from these…show more content…
It is interesting to note that the definition is flexible in terms of defining how big a dataset should be to be considered big data. (Source: http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation) A more layman definition of big data is found in the Oxford English Dictionary, which states that, “Big data is data of a very large size, typically to the extent that its manipulation and management present significant logistical challenges.” Tom Davenport, an author specializing in business intelligence, analytics and business process innovation, defines big data in his recently authored book “Big Data at Work: Dispelling the Myths, Uncovering the Opportunities” as “The broad range of new and massive data types that have appeared over the last decade or so.” From these above definitions, we can understand that as big data is a relatively new term, it does not have an established, and conclusively agreed upon definition. Big data is a big footprint, of all people that go on the internet. It includes every website visited, every upload, download of each individual. Big data typically refers to the following types of data: • Traditional enterprise data – includes customer information from CRM systems, transactional ERP data, web store transactions, and general ledger data. • Machine-generated /sensor data – includes
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