This post I’m making right now is going to contribute to the multiple exabytes(!!) of data created every day. Big data – a relatively new concept following the creation of the internet. What is big data exactly? According to SAS big data is a term that describes the large volume of data, structured and unstructured, that inundates a business on a day-to-day basis. What do you do during your day that will contribute to this collection of big data? For me I would send a couple of emails, possibly post something on Facebook or Instagram and writing this of course.
Andrew McAfee and Erik Brynjolfsson talk about five aspects that are particularly important to businesses to reap the full benefits of big data.
- Leadership – Companies need to have a clear vision and goals set by their leaders.
- Talent management – Businesses need employees that are able to read, clean and organise the data to make the most and best use out of it.
- Technology – Having the correct technology and knowing how to use this technology is beneficial for better organising and understanding the large amounts of data available.
- Decision Making – Not everyone can be an expert on big data, this means companies need to make sure that the people who understand the problems can work together with the people who can exploit the data in a useful way.
- Company Culture – This is about making the most out of big data to get factual understandings, so the company can know things for sure, instead of just thinking and having hunches.
Ok, so big data is not just about what you do online through social media and for businesses to improve, it is also influencing so many developments in our society as shown in this video.
Big data can cure cancer? Can create self driven cars? My mind can’t even comprehend what else it might be capable of. This load of information can be used for success in the business world such as marketing and generating money, but can also be used to improve our way of life.
Curing cancer is one of the worlds leading issues, especially in the west. In 2013 in America, the National Cancer Institute stated that $4.8 billion was funded towards cancer research. So how do all these numbers and information generated make someone healthy again? According to this resource, by capturing data on a multitude of cancer patients and analyzing their tumors in depth through sequencing and other techniques, this information can help researchers characterize the various tumors. This, in turn, allows them to create more targeted therapies per characterised tumor.
And this is only the beginning…
Let’s use big data to help our businesses succeed, but lets also use this load of information to benefit society as much as possible.