What is the big data?
Big Data is not something new, even though it has only become popular in recent years. This term has been around for about a decade or more.
What has changed is our awareness of the overwhelming amount of data we are constantly generating. Unlike oil, which runs out, data is constantly being created and accumulated 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 a resource that is constantly growing.
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The Four Vs of Big Data
For a data set to be considered Big Data, it must meet what are known as the "Four Vs": Volume, Velocity, Variety and Veracity.
- Volume : Big Data involves managing large amounts of data, such as petabytes and exabytes.
- Speed : Data is being generated at an impressive rate, 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 : Information must be accurate and reliable, since not all information generated by people is truthful.
Beyond Social Media
One of the most common myths is that Big Data is limited to social media and the information we share online. However, this view is limited.
Big Data encompasses a wide variety of information sources, including corporate 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 every day raises questions about who has access to this information and how it is used.
Open Data: Data for All
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, collaborative and development initiatives can be fostered.
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The Power of Prediction
A striking example of the potential of Big Data is IBM's project with the Chicago Police Department. Using advanced analytics techniques, they were able to predict where crimes would occur, the race of potential assailants, 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, the United States is expected to have a shortage of approximately 200,000 data engineers by 2018. This means there is a wide field of opportunity for those who wish to enter this exciting world.
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Conclusions
Big Data is not just a passing fad; it is a constantly growing reality that affects every aspect of our lives, from business decision-making to privacy protection.
As a society, we need to 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 empowering digital businesses in more than 7 countries and generating more than 1,500 million pesos.
If you want more information on this topic or are looking for other options to profile your ideal client, you will find the solution you need at MHA. Schedule a call.