September 9, 2014
Throughout most of the twenty first century, technology has boomed and many companies are now able to store large quantities of data in a small space, compared to previous years. Big Data is the process of collecting information based on structured data and unstructured data. Big Data is something that companies collect to try and provide the best customer experience, however this mass collection has its setbacks. Some of the positive aspects of Big Data collection are that it provides a host of benefits for its collectors and users. The collection of data has led to better customer satisfaction through loyalty programs. According to Experian, 67 percent of consumers are active loyalty program members. This is good because it shows that customers are loyal and willing to hear about new promotions that the company has come up with. Another area in which big data is successful is the medical field. Big data is making an impact because doctors are getting files electronically. These digital records can help predict trends in patients to accurately diagnose problems and get them healthy quicker. As a result of digital records, there is a lower cost for materials such as paper, because prescriptions are sent electronically. It doesn’t stop there, Wal-Mart has designed an inventory management system that tells the number of products on their shelves. According to the Economist “A retail, giant, handles more than 1m customer transactions every hour, feeding database estimated at more then 2.5 petabytes- the equivalent of 167 times the books in Americas library of congress.” (Economist) This Big Data collection is useful because Wal-Mart is able to see the inventory that it has at hand and is able to order more when needed. Also Wal-Mart can view the logistics of how the company sells it product, whether it is shown sales per hour or on a day-to-day basis. Another important aspect of Big Data is the advancement of...
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