Understanding Big Data
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People are bombarded by large sums of new information on a daily basis. There is literally so much information thrown at us every day that information overload is a normal occurrence. As a result, both individuals and companies are seeking new ways to manage an increasing volume of information.
Data has also become a huge part of every Canadian organization. Now more than ever a company’s data management has taken on a huge role and is requiring more attention, resources, and budget money. Since companies are in the habit of collecting and analyzing large sums of information and data as part of their strategic decision making process, they are also storing large sums of data. This has led to the rise of big data.
What is Big Data?
Big Data
Big data is a term that has roots in information technology. Also referred to as enterprise big data and in the context of big data analytics, it refers to processes, procedures and tools that are used by companies to manage high volumes of data and information. This includes strategies employed to develop, manage and manipulate sets of information that are outside the scope of standard software tools.
How is big data defined?
While the definition of big data will vary, here are three factors that aid in defining the term:
- Ease of use: Big data is a term that is used when companies begin to have trouble storing, sharing, and analyzing data with database management tools.
- Size of the data set: In general, big data is thought to mean terabytes, petabytes or larger sums of data. However, this number will continue to increase overtime as the need for more data grows.
- Data management: The size of big data will vary from organization to organization; however, if your company has to reconsider your data management options, then you are likely dealing with big data.
How does big data help organizations?
Big data will help Canadian companies in the following ways:
- A way to uncover more efficient methods of productivity
- The ability to uncover more subtle variances in data, performance, processes, and analytics
- A method to create new innovation
- The ability to identify trends and forecast future actions
- More detailed and specific information to be used in the decision making of key stakeholders
Things that have led to the rise of big data
There are a number of factors that have led to the rise of big data:
- The increase volume of data collected by Canadian organizations
- The increased need for more detailed information
- The need to continuously find new differentiating factors
- The rise of social media
- The integration of multimedia into the business arena
- The rise of analytics
How big data creates value for organizations
Big data will play a significant role in companies going forward. Here are a few ways that it will be able to provide value once companies implement it into their operations:
- Transparency: Big data can help to make data more transparent and available within your company. This will make it more accessible and allow people to use it more frequently.
- Policy development: Increased data and analysis will allow companies to create more accurate internal and external policies.
- Development of future strategies: Big data will assist in the development of new strategies, products, and protocols.
- Focus: Big data allows companies to create more specific and detailed products. This allows them to be extremely detailed and become more accurate in meeting their customer’s specific needs.
- Decision making accuracy: The more data and information that is collected and analyses will allow people to make more accurate decisions in all facets of your organization. This will improve overall decision making at all levels of your company.
Big Data Video
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