03 Nov Topic 1: Big DataExplain how big data is helping b
Topic 1: Big DataExplain how big data is helping businesses today. Do you think that this collection is a threat to your privacy?Just do response each posted # 1 to 3 down below only.Posted 1 Ifelt uneasy just reading the example of big data usage in Forbe’sarticle about Target (Hill, 2012). Even more so disturbed by thethought process used. While on the one hand its a genius idea to a datanovice like myself. The question of manipulation as discussed in theprevious chapter on CRM topic (Rainer & Prince, 2018, p 308) becamemore prevalent when exploring big data. The Target example quickly tookme from wow that’s cool to wait that’s scary. Target’s example of bigdata usage makes me question the guidelines in place and the delicatebalance that is needed. Although, I don’t personally understand where orhow to draw those lines. I can see the benefits of technology allaround me and understand that a lot of advancements are driven by datacollected, mined and managed. Yet and still I feel like the usage of bigdata could be threatening and becomes an issue of decision making forme instead of with me. Additionally,for a multitude of reasons big data is helpful to businesses today. Bigdata’s ability to aide in prediction is extremely valuable. Withdatabase management, there are benefits like security, integrity &independence of data. Although, it can help avoid issues likeredundancy, isolation & inconsistency (p.124). There seem to be moreissues when considering the management of big data. The rampant growthrate of data, the various ways data is collected and diverse types ofdata generated are some of the difficulties organizations face. Big datais in fact helpful to organizations but I’d say it comes with a bigresponsibility as well.Posted 2BigData is a term used to describe data sets that are too large or complexto be processed by traditional data application software. Big Data hasthree distinct characteristics: volume, velocity, and variety. Thesecharacteristics distinguish Big Data from traditional data (Rainer & Prince, 2018).There are challenges with Big Data from capturing and storing the data,searching and sharing, so why would a business want to invest so muchinto it? Well the benefits that Big Data gives a business is worth theinvestment. An example in the book states that the human resources (HR)department at Caesars Entertainment saved money on healthcare benefits.The HR department had Big Data on its 65,000 employees and their coveredfamily dependents, down to the prescription being either name brand orgeneric. They noticed that too many employees were going to hospitalemergency rooms and not to urgent-care facilities. They ran a campaignto remind employees there are cheaper and still reliable options outthere outside of hospital emergency rooms. Subsequently, 10,000emergencies shifted to less expensive alternatives for a total savingsof $4.5 million (Rainer & Prince, 2018 p. 134). Talk about getting a return on your investment of Big Data.With companies and businesses having access to so much informationabout you, is our privacy on the line? The short answer, yes. Take forexample Amazon’s Alexa. She comes in many forms today and can assist youwith pretty much anything by simply saying the command word, “Alexa”.She instantly turns on and listens to answer your questions or command.Is she really off when not commanded? If you ask her if she is alwayslistening, she will say only after the command word is given, andimmediately prompt you to the privacy section on amazon.com. The sameoccurs using Apple with “hey Siri and Google with “hey Google” which canconnect to almost any device these days. They all say the same thing,they care about our privacy and respect it, to learn about the policy goto the privacy section of our website. I personally have many of theseWi-Fi enabled and connected devices in my home. I have had conversationswith friends about a movie I haven’t seen in a long time and can’t seemto find it. Well my Alexa, who only listens after I say the “commandword”, must have been listening as the next time I logged intoAmazon.com to just browse, they gave me targeted ads on where I couldpurchase a DVD copy of the movie I was previously talking about a weekprior. Amazon also recommended a few items to go along with previouspurchases of home décor.Companies have more information about each of us than we really know orwould even feel comfortable about. Them having the access to Big Datais beneficial for both parties at the end of the day. They are able toget a full picture of us, our needs as consumers, our needs forhealthcare and even present us with an old classic movie we haven’t seenin 15 years. Big Data can yield instant insights, better analytics,vast amounts of data and smarter decision making through better riskanalysis than any other system we currently have.Posted 3BigData can simply be defined as a collection of data so vast and complexthat it makes it very hard to manage with the application of traditionaldatabase management systems. Essentially, it is all about forecasting,and this comes from the use of mathematical tools concerning vast chunksof data to get probabilities. Generally, it comprises of traditionalenterprise data like the customer information from the customerrelationship management systems, transactional enterprises, web storetransactions, resource planning data, operational data, general ledgerinformation, etc. It also comprises of machine-generated data like thesmart meters; sensors integrated into mobile devices, manufacturingsensors, automobiles, and airplane engines et cetera. (Alazar,2016). Wecan also talk about social data like customer feedback comments onFacebook, micro-blogging sites like Twitter, and other sites likeLinkedln and YouTube. Withthat said, Big Data is quite an extensive and broad topic, and asdiscussed in the book, it has a variety of benefits to today’s businessorganizations. For example, Facebook users, which are more than 1.8billion uploads more than 400 million new photos every single day, andat the same time, clicking a like button or leaving a comment almost 5billion times every single day. This is a lot of data that translatesinto billions of monies. (Alazar,2016). The importance of Big Data,however, does not revolve around how much data a company or a businessenterprise has, but rather it is concerned with how the Company uses theinformation they have collected. Some of the companies like Facebookwhich uses the information they collect strategically to enjoy thefollowing:CostSavings- like for instance, various tools of Big Data like Hadoop andeven Cloud-Based Analytics can infer cost-saving advantages tobusinesses in case vast chunks of data are to be stored.Timereductions- the high speed of these analytical tools and in-memoryanalytics can quickly point out new sources of data that can bebeneficial to the businesses do critical analysis and make quick andinformed decisions.Italso helps the businesses of today in understanding market conditions-through the analysis of the big data, a company can achieve betterinsights about the current markets trends and conditions. For instance,through the analysis of customers purchasing trends, a business cantoday find out the products that are sold the most and make theirproductions to resonate with this trend, this is what Amazon.com plusmany other multinationals does. BigData in as much it is helpful in several ways and brings a lot ofconvenience and the best customer experiences in the digital world, ithas privacy concerns. The value of data today rated in terms ofmultibillion dollars, the companies are not entrusted and there havebeen a lot of cases where privacy breaches have been recorded.Governments use these data to spur the self-interest and hackers arealso out mining it for their criminal tendencies and benefits.