In the current society, the value of big data continues to grow at a rapid rate. The application of the big data is identified to a key solution in units like health, criminology. In the business industry, big data analysis is an incentive to study the market trends and strategy to achieve competitive advantage. The focus of the assignment is anchored on analysis of big data, the application and the ethical implications associated with the data. The impact of big in hampering industrial growth, contributes to the need to study the phenomena in this research study.
Definitions of Big Data
Diverse definitions are accorded to explore the meaning of big data. Among the affluent definitions include: Big data is massive amounts of data collected over a given period of time and it is hard to analyse using the common database tools. An alternative definition is that it is the frontiers ability of a firm to store, access, retrieve and process all the necessary and required data to help in effective operation of a firm, decision making, reduction of risks and effective serving of the customers (Manish, 2017, 13).
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The third typical definition is that it is a data set whose capacity is beyond the functionality of the typical database software tool in data storage, analysis, and management (Corea, 2016, 15). From the given definitions my definition of big data would stand as a big set of data whose analysis is only by a sophisticated database software tool and application is rooted on improving decision making, reduction of risks and improvement of customer’s satisfaction in any given firm.
Application of the Big Data
The application of the big data continues to diversify the value of the data continues to grow at a rapid rate. The focus of the application of the data is based on the application of the data in the business industry in the management segment. According to the Harvard Business Review Report, suggests that the exploitation of the vast new information helps to radically improve the level of the company’s performance (McAfee & Brynjolfsson, 2012).
In the management system the big data system targets at gleaning some level of intelligence from the accumulated data and further the translation into business advantage. The attributes that makes the big data different from other forms of data analysis includes the volume, velocity and the variety of the data. The big data is characterized by around more than 2.5 exabytes of the data each day. The high volume of data from the internet plays an important role in giving the companies an opportunity to work with petabyte single type of dataset rather than working with the data from the internet directly. The ideas developed from the data helps to develop data driven decisions (Corea, 2016, 73). It is important to note that the data driven data are better and helps the management to make rational decisions on the basis of evidence rather than using intuition which in most cases it is usually biased. It is evident that some of the digital companies that apply the big data analysis have set a high level of performance in in the industry like Google Company. The challenge of the data driven decisions to the companies is the fact that the managers have to hire scientists who can easily analyse the patterns in the data and further translate the into resourceful business information.
The second exceptional attribute of the data is the velocity of the data. It is important to note that the speed of the data is commonly highly important than the volume of the data. The big data analysis helps in offering real time data and thus enabling the companies to be more agile than the competitors in the market (Corea, 2016, 42). the rapid insights from the big data offer a competitive advantage as the company or the management is able to analyse the needs and wants of the clients and the market base on great extents.
The third characteristic of the data is the variety nature of the data. It is important to note that the big data takes the forms of the messages, tweets, emails, images, dates and other forms of data on the social networks. Using the sensors the different data are read and rational insight is developed. Other forms of data accumulated include the GPS signals and the other forms of data. The sources of the information of the social networks are as old as the sites establishments (McAfee & Brynjolfsson, 2012). It is important to note that as the business systems continue to be digitized the more of new sources of information and cheaper it becomes to combine the different sets of data to develop rational insight in the decision making process.
The significant merits that the application of big data has accorded in the business industries include the speedy personalized promotions. It is important to note that the through the big data the client’s needs and wants are easily studied and thus the orientation of the products in the production, marketing and promotion are personalized to meet the needs of the clients. The second value is that it develops a new culture of decision making. The ability to make decisions based on the set evidences helps to improve the nature of the decision making process (Yu & Guo, 2016, 53). Thirdly, includes the fact that it helps in the development of a comprehensive strategy to satiate the needs and wants of the target clients.
Ethical Implications of the Use of Big Data
The key ethical implication of the big data is the violation of the data privacy and confidentiality of the users of the social network. It is important to note that there are many cases of the accumulation of the data without the consent of the users. The second challenge is the vulnerability of the big data to the cyber security crimes and thus risking the privacy of the users. Most importantly, is the fact that it promotes the reselling of data due to the profitability in the venture and thus interfering with privacy of the clients?
Conclusion
Big data is a key technological intervention in the business industry that will enable significant success in the management system. The key attributes that makes big data analysis an exemption from other forms of data analysis includes the volume, variety and the velocity of the data. The merits are anchored on ability to make data driven decisions, competitive advantage, understanding marketing trends and consumer needs. The challenge of the use of the data is the ethical implication associated with cyber security, privacy and confidentiality interference and furthers the reselling of data. It is important to embrace the application of big data as it has significant merit in the industry.
References
COREA, F. (2016). Big Data Analytics: A Management Perspective .
MANISH KUMAR. (2017). Applied big data analytics in operations management . http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1365936.
McAfee, A. & Brynjolfsson. 2012. Big data: the management revolution. Harvard Business Review. https://mail.google.com/mail/u/0/#inbox/16325c5646c5811b?projector=1&messagePartId=0.2
YU, S., & GUO, S. (2016). Big Data Concepts, Theories, and Applications . http://dx.doi.org/10.1007/978-3-319-27763-9.
