Using ‘Big Data’ Can Net You Big Payoffs
In today’s world, it’s impossible to get away from data. Bits of data are everywhere – in the grocery store and in historical crime data. They are also behind the gadgets we use each and every day.In fact, there’s so much data, it’s hard to know what to do with it all. But there is a silver lining on the horizon.
Get a Big Payoff when you learn how to analyze the Big Data that’s out there for your benefit.
So what exactly is Big Data? In short, the phrase refers to dynamic trends in technology that help the world make better decisions.
Think of the microscope – a tool that allowed the world to measure things like never before, says Erik Brynjolfsson, an economist at Massachusetts Institute of Technology’s Sloan School of Management. Learning how to analyze and measure data is the equivalent of the profound effect and opportunities the microscope created.
Twitter hashtags, Facebook wall posts and Google queries are all types of data now being used to measure people’s behaviors, feelings and desires in real time.
For example, chains like Wal-Mart analyze everything from sales to demographic and weather data in order to tailor the kinds of products they put on the shelves at individual stores.
Some police departments now use data such as historical arrest patterns and weather forecasts to gauge how many officers to send out in advance to so-called crime “hot spots.”
And this is just the beginning. Our data universe is doubling every two years, and the not-so-distant reality is one in which decisions in business, economics and a variety of other fields will be based on the analysis of data rather than on experience and intuition, says Brynjolfsson.
Big Data is a large task, but the gains appear to be just that … big.