Operation, Positive and Negative Aspects of Big Data - Book Report/Review Example

Report Table of Contents 3 Introduction 3 Background information 3 Operation 4 Function 5 Process or Procedure 5 Positive aspects 5 Advantages 6 Benefits 7 Drawbacks or negative aspects 7 Challenges 8 Conclusion 8 Recommendations 9 References 10 Abstract The work evaluations and assessments are based on the current state and evolution of the big data. It is an important technological innovation that is used in several information technological engineering works. The work reviews the opportunities, challenges, function, advantages, positive aspects and operation of the Big Data. There are several advantages and benefits of this software application in real-life as well as in the field of business administration. It actually helps to develop professional skills of employees. The analytical aspects of big data have been analyzed in positive aspects, downsides and recommendations sections. Historical milestones and evolution is described in background information section. Recommendation provides future suggestions on the development of Big Data innovation that is crucial for an individual’s professional life. Introduction Big data is an evolving and all-encompassing term that describes massive amount of data sets which are so complex and large that it becomes difficult to handle and analyze using traditional processing applications or on-hand database management tools. Background information The human race has always assembled information from cuneiform to data centres. The escalation in technology has been the pivotal cause to the overflow of data. This caused to the requirement of sophisticated data storage systems. The potential evolution of big data has around for much longer than people think. In 1890, census technology was invented by Herman Hollerith. For decades, the card system of Herman Hollerith was used by many industries such as IBM. In 1935, Social Security Act was launched by the President of U.S. Government Franklin D. Roosevelt. In 1997, the journal about Data Mining and Knowledge Discovery is launched to focus on the practice and theory of extraction information from large amount of databases. In 2011, Watson is regarded as the most significant milestone in the evolution of big data. According to Margaret Rouse from TechTarget “Big data is a term that is used to describe the creation of voluminous amount of semi-structured and unstructured data from a company”. The evolution of bid data provides an innovative and effective processing solution to companies to gain complete understanding of the competitors, products business and customers. The process of big data can help society to improved products, efficiency improvement of customer service and increased sales. The purpose of the project is to discuss on new innovation development that has created a significant impact on the world. Operation Big data uses inductive statistics, which includes data sets with sizes beyond the capacity of any software tools to process, manage and capture the data. Big data cannot be handled by database management systems, relational database management system and object-relational database management systems. Velocity, volume, variety are the three dimensions that helps to distinguish and define big data. According to the research firm Gartner “Big data is regarded as high volume at the time of insufficient process and capacity of the data-capture technology”. A big data solution can be regarded as successful when the volumes of insufficient processes are specifically engineered to nullify the issue. The use of big data depends on the technology used and goal of the organization. Function The real purpose of big data is to make accurate decision and transform profitability, effectiveness and efficiency of any enterprise. This is also known as situational awareness. Situational awareness is defined as conducting analysis in real-time and understanding of data management to identify anomalies. It can eventually create huge effect on the outcome of business performance. It helps to monitor product shipment and product quality. Moreover, it determines the effectiveness of marketing campaign. Process or Procedure Big data is associated with some of the key technologies such as NOSQL, HDFS, Hadoop, MongoDB and MapReduce. First essential step of implementation of big data process is to understand, analyze and gather the business requirements (Davis, 2012). Big data projects starts by using Iterative and Agile Approach. Next step is to evaluate the data that are required to be managed and retained. A specific plan is created to link the goals of an organization with big data. The clear set of goals cannot be considered as complete until it is smart, actionable, measurable, time-bound and realistic. Positive aspects The implementation of big data can help companies to gain complete understanding of the competitors, customers, products and business. This process of understanding internal components of business can be successful when big data is efficiently analyzed, captured and processed. Moreover, it can lead to improved sales, improvement on efficient, effective customer service, enhanced products and lesser costs. For example, retailers know who their actual buyers. The use of web log files and social media can benefit organization to understand why people did not buy their products and reason behind not opting to buy. All these information are available on the ecommerce sites. This process of understanding buyer behaviour can enable to create targeted marketing campaign, efficient supply chain management and effective micro customer segmentation. Another example of positive aspects of big data is the proliferation of GPS devices and smart phones. The advancement of these technological devices provides an opportunity to target customers. Consumers who are close to a restaurant, a coffee shop or a store can receive information on nearby shops. This offers many businesses an opportunity to target new customers and generation of new revenue for service providers. Advantages The application of big data can help to address mobility, security, stability, flexibility, scalability and speed. Traditional methods do not provide luxury to any organization to reach every customer and understand necessity requirements that can help any organizations to increase revenue. According to McKinsey Global Institute, the implementation of big data can help to create value in several ways. It can help to create transparency, improve performance, enable experimentation and expose variability. Any organization can collect more data on personnel sick days and product inventories (Simon, 2013). The collection of detailed data can enable organization to analyze variability by controlled experiments. Moreover, it allows IT specialist to understand root cause of failure. This available data can enable leader to manage higher level of an organization in an efficient way. Big data also enable organizations to change their approach of meeting specific needs of customers by creating specific segmentations of population (Stubbs, 2014). Many sophisticated big data techniques have been implemented by organizations to target advertising and promotions. The implementation of sophisticated analysts can benefit organizations to minimize risk; reveal new valuable insights and improve decision-making process. Benefits Big data can benefit organization by creating new streams of revenue, customizing real-time website, reduction of maintenance costs, enterprise-wide insights, keeping data safe and performing risk analysis to reduce possibility of danger. Examples of effective use of big data are described below. Future occurrence of any mishap, security breach, IT troubleshooting can be improved by the use of information technology logs. The use of social media content can benefit any multinational firm to quickly understand the customer behaviour and improve customer interaction and service of products. The information gathered from financial market transaction can help to take and correct action to nullify the risk. The customer satisfaction and interaction can be improved by the use of information from voluminous historical centre. Drawbacks or negative aspects The rise of big data can cause many problems to society. The availability of huge data of information can lead to hurtful mistakes and engender false assurance on the hand of predictive powers. The misuse and mislead of any personal information can creates a huge negative impact on the society. The existence of data sets can be misused by institutions and powerful people. Moreover, it can even create more serious issues, when national security agencies use data available to try to spot and capture any terrorists. Another drawback of big data is echo-chamber effect. Challenges The promise of big data has created a buzz among the people. This is mainly due to the fact that implementation of big data can enable a company to obtain valuable insights information on customer preferences, behaviours and attitudes. But there are some significant challenges that companies need to overcome in order to implement big data. One of the most daunting tasks of companies is to understand and utilization of big data. It is difficult for most industries to understand the data available and determining best possible way to use the data on the basis of company tactics and strategy. The emergence of new and complex technologies has proved a big task for an organization to utilize big data. The shortage of data scientists has made more difficult for organization to implement big data. According to reports, it has been estimated that the number of need for deep-analytical expertise workers are approximately 190,000 (Kong, 2014). Another challenge of big data is the regulatory, security and privacy considerations. The rise of new cloud bases business software applications has offered companies to store and manage company data in data centres. Conclusion The growth of global data is primarily determined by the emergence of technologies. In the world of information technology, the term big data has been widely used by companies. The rise of big data has created a pivotal part of the economy. Big data can enable companies to modify business models and create new products and services. The data that are obtained from the use of current products are used by the manufactures to enhance new business models or improve the quality of products. The use of big data can provide a negative impact on giving scientific-sounding solutions. It can hopelessly lead to imprecise questions which are not appropriate. Recommendations A Big data research and Development Initiative should be announced by the White House Office of Science and Technology. Increase in government investment should be main motive of the initiative. It has been report that more than 200 million dollars would be spend by six United States government agencies to analyze and organize large amount of data available. The application of big data can help to improve understanding on the world and people. The global corporate profits can be increased by 21% by harvesting of the use of big data for decision making process (Sobh, 2010). References Davis, K. (2012). Ethics of Big Data. London: O’Reilly. Kong, A. (2014). International conference on management and engineering. New York: DEStech Publications. Simon, P. (2013). Too big to ignore. New Jersey: John Wiley & Sons. Sobh, T. (2010). Innovations in computing sciences and software engineering. New York: Springer. Stubbs, E. (2014). Big Data, big innovation. New Jersey: John Wiley & Sons. Read More