Big Data: The Management Revolution – Thoughts
Having read McAfee and Brynjolfsson’s article on Big Data, they suggested that there is a large difference between ‘Big Data’ and ‘Analytics’.
They state that there are 3 major differences which make them totally different.
The first one is the volume of the data. ‘More data crosses the internet every second then the amount of data that was stored 20 years ago.‘ This is a great statistic as it shows how times are changing and how advanced the internet and electronics are evolving. When there is a greater volume amount of data, there is an opportunity to work with more bytes of data in a single data set that isn’t just on the internet.
Second is the Volocity of the data. The speed of the data creation is more important then the volume as it gives a company an advantage over their competitors as it makes them more agile. An example they used was, Andy Pentland from MIT managed to receive data from data locations from smartphones from certain shop car parks which is quick and gave them good market research for future movements.
Final difference is the variety of the data. Different sources of data are becoming increasingly available. This can be through smartphones/Messages/Updates/Images. This means that there are cheaper options available for storage to be able to store the big data.
These 3 key differences suggest that the Big Data is becoming much more managable within a company and how much more effecient it is becoming. This could mean potential advantages over their competitors to have quicker reaction times to market changes therefore a better reputation with their customers. These differences can also help with market research for their customer base as they will have a much larger database for their customers and potential customers.
To be continued…
Reference:
McAfee, A., & Brynjolfsson, E. (2012). Big data: the management revolution. Harvard business review, 90(10), 60-66.