Skip to main content

Post 8: (Question 9) Contemporary Applications of Big Data in Business

Big Data as been an integral part of many companies beginning to beat their competition and vastly outperform them. In various industries there are new companies and seasoned competitors that use data based strategies to combat their competition with new innovations in their respective fields. This usage of big data can be seen in almost every sector of every industry whether it be the IT industry or even healthcare. 
In regard to healthcare, data scientists have been continuing to analyse the outcomes of pharmaceutical products and companies have become focused on discovering the risk and benefits that were absent during clinical trials. Big data has been vastly important in analysing the trials and has made the outcomes of future trials more predictable. Those who adopted this method early on have been using data that they have taken from sensors which were embedded in various products from industrial apparatus to kid's toys. This use of big data aids companies determine which products are actually being used in daily life and which are not, thus determining ways to create new services as well as development of future products.  

Comments

Post a Comment

Popular posts from this blog

Post #3: Growth of Big Data

There was an incredible amount of internet growth in the 1990s, and personal computers became steadily more powerful and more flexible. Internet growth was based both on Tim Berners-Lee’s efforts, CERN’s free access, and access to individual personal computers. In 2005, Big Data, which had been used without a name, was labelled by Roger Mougalas. He was referring to a large set of data that, at the time, was almost impossible to manage and process using the traditional business intelligence tools available. Additionally, Hadoop, which could handle Big Data, was created in 2005. Hadoop was based on an open-sourced software framework called Nutch, and was merged with Google’s MapReduce. Hadoop is an Open Source software framework, and can process structured and unstructured data, from almost all digital sources. Because of this flexibility, Hadoop (and its sibling frameworks) can process Big Data. Big Data is revolutionising entire industries and changing hum...
Post a Comment
Read more

FutureLearn Week 2: Post 3 of 4

Two of the biggest challenges of big data is Analysing and Visualising the data. Firstly with analysing the data, the size of big data files can sometimes be substantial, there are many things that must be considered before downloading the data, for example the file size, how long the data file will take to download, will all of it be necessary or will part of the file suffice and is there enough storage space within the system itself. Visualisation is way to represent the data in a way that is easier to understand such as word clouds and things of the like. This will aid users in seeing the prominent and key terms from the analysis of the data sets. The first step after downloading the data would be to quality check it to ensure that each field had the appropriate data types in each field and to ensure that the user understood the meaning of each field. Keeping a copy of the original data would be essential as well as each documented version change for each stage of visualisation....
Post a Comment
Read more

Post #4: Reasons for the Growth of Big Data

Big Data is continuously growing, each and every organisation is dealing with more and more data with each passing day and this growth shows no signs of slowing down. There are various reasons for this swift increase in growth, I will now discuss a few of these reasons. Business models are one of the main reasons for this exponential growth through the aggressive and continuous acquisition and permanent retention of data. Google is a perfect example of a business that is retaining vast amounts of data and this is definitely working in their favour as can be seen by their company growth. Infrastructure capacity is another reason for the increase as the cost of data storage has become incredibly low over the past few years while the capacity seems to be increasing almost doubling in the space of a couple of years.  Business analytics has also seen an increased acceleration in the past few years and is now over a 100 billion dollar market and continues to grow year to year. Regul...
Post a Comment
Read more