What is “Big Data?” It is the collection of volumes of information that has the ability to be analyzed and segmented to uncover key insights into an industry or event and paint a succinct profile on a target group or person.
In our weekly meeting, we asked the question(s), “How does big data affect specific industries?” What are their challenges? First, of course, we need to understand the necessity of big data to distinguish how it has made an impact on various industries. Big data affects every industry as data collection and interpretation becomes more accessible. Data is an asset to every company seeking to optimize its profit -margin. Additionally, with the emergence of many new cost-efficient technologies, data can be customized to get a clearer picture of your target audience.
In our meeting, we were assigned a group and a target market t o analyze it for the impact of big data, how industries have transitioned into this era and the pros & cons of big data in various industries. Then, the awesome part, we broke out into “break out” rooms for a deeper discussion. The industries analyzed were finance/banking, education, health/fitness and transportation.
While there was many custom oriented feedback, there was also an overall consensus on the impact of data, an industry transformation as well as pros and cons. Big Data:
- Improves customer experience and builds better product offerings
- Improves internal company operations
- Creates a more succinct portrait of customers for customized offerings
- Collects information from every aspect of your life— school, credit cards, fitness plans, mobile applications you tap into on a regular basis
There are many benefits to big data but there are equally more pitfalls as well. Your information can be used to help you and harm you. Personal, detailed information about you is stored and can be exposed to undesirable individuals i.e. identity theft.
There is a lot of risk with big data and its intrusion into our private lives, however there are a great deal of benefits as well. With every element that touches our lives, we must make sure we manage the dissemination of our information in a responsible and secure mode because big data is here to stay.
Charlotte’s Wisdom 