What is the big data?
Big Data is not something new, although it has become popular in recent years. This term has been in circulation for about a decade or more.
What has changed is our awareness of the overwhelming amount of data we constantly generate. Unlike oil, which runs out, data is constantly created and accumulates at a dizzying pace.
According to a study, approximately 7,910 exabytes of information were produced in 2019. This brings us to the first myth that we must debunk: Big Data is not like oil, it is not a finite resource, but rather a constantly growing resource.
The Four Vs of Big Data
For a data set to be considered Big Data, it must comply with what is known as the "Four Vs": Volume, Velocity, Variety and Veracity.
- Volume : Big data involves the management of large amounts of data, such as petabytes and exabytes.
- Speed : Data is generated at an impressive speed, and Big Data must be able to capture and process it in real time.
- Variety : Data can have different formats and structures, from text to images and videos.
- Truthfulness : The information must be accurate and reliable, since not all information generated by people is truthful.
Beyond Social Networks
One of the most common myths is that Big Data boils down to social networks and the information we share online. However, this vision is limited.
Big Data encompasses a wide variety of information sources, including enterprise databases, loyalty programs, and data management systems.
The Impact of Big Data on Privacy
Big Data is not just a technical or business issue, it also has a significant impact on information privacy.
The amount of data we generate daily raises questions about who has access to this information and how it is used.
Open Data: Data for Everyone
The concept of Open Data seeks to make the information generated available to everyone. Governments have a wealth of information about their citizens, such as taxes, mobility, and more.
By sharing this data openly, collaboration and development initiatives can be encouraged.
The Power of Prediction
A striking example of the potential of Big Data is IBM's project with the Chicago Police Department. Using advanced analysis techniques, they were able to predict where crimes would occur, what the race of potential assailants would be, and other patterns.
This highlights how Big Data can be used to prevent problems and make informed decisions.
Opportunities in Big Data
Big Data is a growing and in-demand field. According to a McKinsey study, there is expected to be a shortfall of approximately 200,000 data engineers in the United States by 2018. This means that there is a wide field of opportunity for those who wish to enter this exciting world.
Big Data is not simply a fad; It is a constantly growing reality that affects all aspects of our lives, from business decision-making to privacy protection.
As a society, we must be aware of its impact and consider how our data is used.
Big Data opens up a world of possibilities, from predicting events to creating innovative businesses. The key is to understand its principles and apply them ethically and effectively. The future of Big Data is in our hands!
Written by Moises Hamui Abadi : I am an entrepreneur, founding partner of Viceversa and SoyMacho. After leading several digital businesses and advising several other businesses; I decided to form MHA Consulting, a digital marketing consultancy dedicated to growing and enhancing digital businesses in more than 7 countries and generating more than 1,500 million pesos.
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