When reading the article “Big data: Big hype”, written by Mark Barrenechea, I found that the main focus of the article to be on if big data is practical in industries. Right now there is a large build up of data, it’s estimated that only .5% of it being analyzed to this day. The only disadvantage to this build up of data is that people don’t know how to use all the data to their advantage. Meaning that they have lots of information that could be applied to the demand for a product, but people are not sure on how to implement them. Using data can help a company understand which of their services or product is successful with consumers, and that can be used in planning future outcomes. The article implies that if companies were more aware of their data, they could increase the profit to be earned each period. The use of data can be beneficial to individuals who are looking for investment options, and also for groups. Also companies can better understand groups/individual’s trends in the market demand for product, which could lead to the company targeting them.
One area of consideration that the article failed to mention was where they were getting the facts and figures from concerning to the data. They only state that companies around the globe, not specific entities, which would be useful in accessing how good data is. The article could have mentioned some fortune 500 company that has been using data, showing how it has increased profits from the use of data.
One question that comes to mind is what kind of technology is being used to help the data make sense? I am aware of how technology on the computer, like excel, that can be used but there must be some kind of software specifically for analyzing data. In order to gather a greater understanding of the technology being used, one can contact a company and figure their means of analyzing data through the use of technology.
Please join StudyMode to read the full document