What is big data, and what are some examples of big data?
250 million bytes of data are created every day. With improved access to the Internet, this number could increase further. Today, we can collect big data from all areas that can be digitally monitored. The volume of this data is unprecedented. Big data means analyzing large amounts of information to understand trends and patterns in order to gain useful insights. Particular emphasis is placed on the analysis of people’s behavior and interactions online. However, the challenge remains in figuring out the best ways to process and analyze the information collected and gain useful insights (Mills, 2018).
A basic understanding of what big data is and how it is collected is necessary before we can understand how it is used in our daily lives. The world has never seen the volume of information gathered so rapidly. The point is that data is everywhere. Massive amounts of information are being assimilated and then analyzed to gain insight into past, present, and future human behavior. And professionals in all fields are working to apply the insights gained from big data in a variety of ways. Big data is now changing how people live, with applications in areas such as:
- Music, shows, and movies
- Healthcare and medical services
- Shopping and marketing
- Travel and Transportation
- Public Policy and Safety
- News and Information
- Education and Employment
- Artificial Intelligence (Michigan Tech, 2020)
Big data in business
Businesses can create a more thorough profile of their clients and divide them into smaller segments with more specific preferences by analyzing social media and browsing behavior as a whole. Companies can make better-educated marketing decisions and sell their goods and services to those who are most likely to need them with the help of this concreteness and insight. One illustration is Netflix, a business that makes use of big data to comprehend its customers before focusing on customized offers depending on their viewing preferences. Netflix streams are affected by algorithmic recommendations in 80% of cases. Customers are given a significantly better experience because of the use of this behavioral data, which nearly guarantees their satisfaction and increases brand loyalty (Mohanlal, 2022).
Risk and challenges
Big data has risks and challenges. Privacy concerns are getting a lot worse. A lack of standards, policy problems, data ownership problems, and legal problems are also present. In automated decision-making, for instance, there is also a chance of discrimination and a reduction in available options. A digital gap is also created by some end users and companies’ limited access to big data. Big data poses a variety of difficulties for diverse parties. Some people place an undue emphasis on data and may neglect other crucial elements, while others worry about cybersecurity dangers. Some people might experience hazards that make it challenging to defend the conceivable advantages of using big data. Future big data applications could also be unpredictable as data scientists look for hidden patterns, according to Omoyiola (2022).
Reference
Michigan Tech (2020). Eight Ways Big Data Affects Your Personal Life. [online] Michigan Technological University. Available at: https://onlinedegrees.mtu.edu/news/Ways-Big-Data-Affects-Your-Personal-Life [Accessed 25 March 2023]
Mills, T. (2018). Council Post: Big Data Is Changing The Way People Live Their Lives. [online] Forbes. Available at: https://www.forbes.com/sites/forbestechcouncil/2018/05/16/big-data-is-changing-the-way-people-live-their-lives/?sh=743505473ce6 [Accessed 25 March 2023]
Mohanlal, S. (2022). The Impact of Big Data on Modern Society. [online] GetSmarter Blog. Available at: https://www.getsmarter.com/blog/market-trends/the-impact-of-big-data-on-modern-society/ [Accessed 26 March 2023]
Omoyiola, B.O. (2022). The social implications, risks, challenges and opportunities of big data. [online] emeraldopenresearch.com. Available at: https://emeraldopenresearch.com/articles/4-23 [Accessed 1 April 2023]
