Today’s day-to-day basis (SAS, 2018). The name “big data”

Today’s society you see businesses start to use big data when it
comes to checking on their assets. Big data is when is describing a large
amount of data that is both structured and unstructured that indicates a
business on a day-to-day basis (SAS, 2018). The name “big data” is new to our
knowledge, the concept; however, has been around for as long as people can
remember. What people need to understand is that big data does not care on how
much data is stored, but what you actually do with it makes all the difference.
We will be discussing about what big data is really worth; how it has impacted
on business, the economy, health care and society; the five step to identifying
the most valuable 5% of your data; and at what point companies create a
dedicated business unit.People have always been skeptical on whether on data has actually
made a difference with gathering data sets. The Financial Accounting Standards
Board (FASB) has struggled to update the rules for an economy increasingly
driven by information and intellectual property (Monga, 2014). Companies would
estimate the shelf-life of their data and how to account the time spent on
gathering data and would question if they would to recognize it as an expense
or a capital. The lack of understanding of how to measure data causes blind
spots for the investors and when this happens they go to look at all the data
that has been collected (Monga, 2014, p.2). Investors or even any type of
company were to just collect all their information based on what they see/hear
on the market is not always correct and that would make they make their
decisions on false information. With using big data companies and investors are
looking at a lot of data that has been collected for a period of time to make
an intelligent decision. With how fast the big data era has been, the global market
believes that this could lead to revolutionary changes within businesses,
political and social enterprises, platforms, and analytics (Roy, 2015).
Analytical organizations have moved to using this to their advantage to find
information that has been hidden behind other data and started to make the best
use of it. With looking in the health care area the benefits of big data
because it will allow them to decode human DNA within just a few minutes, help
them find cures for illnesses, and possibly help accurately predict human
behavior (Roy, 2015). Having these advantages would make a huge difference with
the quality of life because it will allow the medical professionals pinpoint
the problem in less amount of time which would allow them to come up with a
plan of action a lot faster to cure whatever illness we might have. On a business perspective there has been a few issues with
regarding privacy and how the companies use our private information (Roy, 2015).
No matter what businesses do there will always be worries about how to keep the
privacy, however, big data will help everyone across the data-driven spectrum
to help gain new insights.An insightful way to remember big data is being able to see that
you can see 95% of all the data has little meaning to you, but can you find
what the remaining 5% of data holds the most value. When we are looking at data
we look for three commonly accepted attributes which are volume, velocity, and
variability (Acxiom, 2015). The first step is to put the consumer first and it
ties in with big data because it creates new opportunities to improve the
product, and change the price. The main thing with the first step is to make
sure that you are making your efforts live up to match your business
objectives. Second step is to define the starting line, where you clearly see
what your organization has. To fully see where you are at the business has to
gather all the information that it possibly can access and then be scored on a
number of whether it is a valuable source. The third step is to create a “plan
A”, which is to test and invest the strength of the analysis and findings.
Having a plan will make the big data be actionable, but a challenge that they
face is what data they select to be put on the platform to not make it a hue
cluster. To remember this step just think “it is the agility in the face of an
ever-changing data landscape, and not just in volumes with distinguishes big
data solutions from previous incarnations” (Acxiom, 2015, p.7). The fourth step
is test the big data. This is where we test to see which of the information
will give us the most useful predictive information, providing uplift based on
the proof of the concept that was found, and to manually executing the
integration steps that is done in live environments. The fifth step is emulate
human vision- focused and peripheral. This is where we can see what data can
most quickly be captured and translated into existing environments (Acxiom,
2015, p.9). By following these five steps you can find the 5% of information
that is super important to what you are looking for. In a survey that was taken the “sale of data” is the third most
common type of revenue generated by marketing organizations (de Montcheuil,
2014). We see this as a revenue generator because most likely you are dealing
with licensing/royalties. Some companies sell their data because someone or
another company found out that they were sitting on a “goldmine” and there was
no sense to not leverage it. Big data comes into play with having a lot of data
to gather for the fact that marketing has been around forever to choose from
(de Montcheuil, 2014). From the information that you choose could affect
whether the company would want to sell their data, and depending on the finding
it can either help your revenues or decline them. If companies were to sell
their data they would be receiving money because other companies was liking
with what they are seeing, which in the end makes them a profit. Company’s
would create a dedicated business unit when have sold 43% of their data.In conclusion, we discussed how the name “big data” is new to
our knowledge, the concept however has been around for as long as people can remember.
What people need to understand is that big data does not care on how much data is
stored, but what you actually do with it makes all the difference. We discussed
how what big data is really worth; how it has impacted on business, the
economy, health care and society; the five step to identifying the most
valuable 5% of your data; and at what point companies create a
dedicated business unit.      

 

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