Think about some of the things you do in your daily life. You get up, you eat, go to work/school, shop, do something for entertainment, bank, go online and do things on social media. Everything you do generates data. That data is captured in countless ways. And then its stored in countless places. And analyzed by countless numbers of people. And then used in countless ways by businesses to market, design, advertise, build, sell, and so on.
Every time you check your phone to see if there are any updates on Facebook you generate a lot of data for your phone manufacturer, your service provider and Facebook itself. Everything you like or comment on can be turned into a data point. The time, place and length of your connection all provide useful data. Get the point? Its endless.
That’s big data.
In general, big data is thought of as all the data businesses capture and store in a database that they can use for business decision-making.
When you think of data collections that have millions and millions of rows of data like big bank transaction data, or traffic data for major cities, or all the statistics captured everyday across professional sports. Way too much for man to analyze without help from technology. That’s all big data.
Every business defines its big data a little differently. There is no one way to look at how best to manage big data because big data is such a living, evolving, never ending flow of information. It’s like lakes of water that are too big to swim across and too deep to dive to the bottom of without help. And no two lakes are alike.
Data analysts and data scientists are the ones who know the lake and guide you across or build you a submarine to explore the bottom.
As I have mentioned in previous posts, knowing the data environment is key to your success. And big data just adds weight to that statement. If you don’t know where all the data is coming from, can’t be sure if its clean, then you will get lost in the deluge of big data.
The Fundamental of Business Analytics – Business Analytics is the application of talent, technology and technique on business data for the purpose of extracting insights and discovering opportunities.
DMAIPH specializes in empowering organizations, schools, and businesses with a mastery of the fundamentals of business analytics. Contact DMAIPH now at firstname.lastname@example.org or connect with me directly to find out how you can strengthen your business analytics fundamentals.