Submitted by: Submitted by trangvuong91
Views: 207
Words: 3918
Pages: 16
Category: Science and Technology
Date Submitted: 11/03/2013 01:13 PM
Big Data and Its Potentials Data exists everywhere nowadays. It flows to every area of the economy and plays an important role in the decision-making process. Indeed, “businesses, industries, governments, universities, scientists, consumers, and nonprofits are generating data at unprecedented levels and at an incredible pace” to ensure the accuracy and reliability of their data-driven decisions (Gordon-Murnane 30). Especially when technology and economy are growing at an unbelievable speed, data volume is increasing at a faster rate than one would have expected. In particular, the widespread “accessibility, affordability, and availability of new digital devices that make access to the internet easy” produces the huge amount of data that traditional databases are not capable of storing (Gordon-Murnane 30). That urges the introduction of “Big Data” concept, referring to “datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze” (Bughin 11). Realizing the importance of big data in the current global economy, this paper introduces the characteristics, opportunities and challenges of big data, its business models as well as its applications in different fields of the economy. Definitively, big data is data that “exceeds the processing capacity of conventional database systems” (Slocum Ch.2, location 31). Businesses turn raw data into useful and informative data that provides insights and helps with business strategies. When the data is too big and does not fit the structures of the company’s database architectures, companies need to find other ways to process and gain value from it. That is why public and private sectors are now taking advantage of big data analytics. Generally, big data is commonly characterized by three V’s: volume, velocity and variety (Slocum Ch.2, location 46).
Trang Vuong
As mentioned earlier, the vast amount of data flows from consumers every day through “email, searching,...