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Big Data PDF Summary – Timandra Harkness

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Big Data PDFMicroSummary: You’ve probably heard the term “Big Data” out there. But do you know what that means and what are its implications for the new digital age and the future? In ‘Big Data: Does Size Matter?’, Timandra Harkness explores concepts and possibilities of using Big Data. Also, it discusses the limits and possible issues that are brought about by the new avalanche of data, such as privacy issues.

Does Size Matter?

In today’s world, companies need to take advantage of technological advances to create competitive benefits and the use of Big Data has become essential.

Also, as a consumer, you also need to understand the implications of Big Data in your personal life.

Come with 12min and learn more about Big Data and how to use it to your advantage in this microbook!

“Big Data PDF Summary”

What Is Big Data?

The term “Big Data” was first used in 2005. It refers to any large volume of data that needs to be stored and analyzed by a computer.

Generally speaking, we are talking about data sets so large that a human being would not be able to analyze. However, the best way to define Big Data is to forget the volume and consider the following issues:

  • Dimensions or diversity: Big Data data is collected at all times and on a large scale. A good example would be the following: to analyze how much a single dog eats observing it for a few days, is not Big Data. However, picking up a large number of puppies and examining their eating habits by combining the data with other factors such as time, location, dog’s age, health problems, and breed would give us a complete picture of how much food a dog eats when and why.
  • Automation: Big Data is not data collected by a person going door to door with a clipboard. Data is usually collected automatically, without being noticed, when we swipe our credit card, when we go through a ticket gate, when we Google something, or buy a bus ticket. Almost without exception, every time we come into contact with a machine, data is being collected.
  • Time: The Big Data world is taking advantage of extended periods of time and stored data, and this is how data is used to understand patterns and make predictions. Big Data data is not static, there is continuous feedback, and it is always changing and flowing.
  • Artificial Intelligence: Analyzing Big Data data relies on computers to make predictions based on numbers. Humans only get the data after they go through the machines, which filter what is most important.

Big Data, in practice, means relying on computers to collect and analyze large volumes of data automatically. Data is gathered from many places and combined with a variety of factors, taking into account extended periods of time of time to understand patterns and make predictions.

How Business Use Big Data

The Big Data era has brought unimaginable levels of intelligence to understand consumer behavior.

The data can tell us what people are buying and when they are buying it, and in some cases even what they are thinking of buying. Companies do this in a variety of ways, all of them involving Big Data.

Before the 1990s, supermarket customers were encouraged through coupon deals, which companies used to analyze and understand consumer behavior.

Over time, store loyalty cards replaced coupons which not only offered rewards but also could record information about people’s shopping habits to build a customer profile.

If for example, you are buying diapers, it is easy for the store to understand that you will soon buy school supplies, and then create a customized marketing campaign for your preferences.

Stores no longer need to waste money targeting 90% of the people who were not interested in organic food and could instead focus only on the exact 10% who were.

Targeted Marketing is not the only way to use Big Data. Today, companies are building profiles of their model clients according to their virtual digital traces. For example, a British loan company can offer short-term loans with high-interest rates to those who need fast cash.

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