Guest post by Finnegan Pierson.
One of the biggest news in the world of Big Data vs. Small Data today is the plan of China to establish a sort of social credit score where the government can rank its citizens based on their behavior, social actions and decision made online. In a document called “Planning Outline for The Construction of A Social Credit System,” China can encourage people to behave and do acts that will benefit the society. It is news like this that we can see the potential and future of Big Data. Whether you’re in the stream processing business or digital content business, you should understand the dynamics behind Big Data in order to adapt to your environment.
Age of Big data
Right now there’s an explosion of Big Data across various fields. All the social engagements that people do online and their actions will shape the society, as can be seen in what is happening right now in China. This is one of the many reasons that companies should know more about Big Data and how they can help businesses. Suppliers, customers, and shipments can now be monitored with the innovation found in Big Data’s line-up of offerings. This means that people and businesses should at least understand the consequences, impact, and benefits of Big Data to their environment that was previously run by Small Data.
Big Data and Business
Because of the inflow of large amounts of data in the hands of companies, there’s now a rise in the search for employees who can help crunch big numbers and analyze them to bring out an insight needed for businesses to grow. This new change in small data business field would also mean that companies would now look for and require specialists who know how to handle the most significant concerns of the massive inflow of information today.
The insight brought by Big Data to how businesses run also poses a dramatic shift in how the previous Small Data business is done. When before people had to manually monitor the inventory of the company, where it is being shipped, and how it gets done, the changes in Big Data today will now make all these even more efficient. The automatic software can do the hard calculation job for the humans and will provide better pay-off in terms of sales.
Potential For Growth
The employees today could also find a lot of opportunities for employment in how Big Data is shifting the playing field these days. One example of this scenario is the situation of a 28-year-old Stanford Professor who studied Political Science and Mathematics. In one of his studies, he was able to create an algorithm that can analyze blog postings, news articles, and press releases to look for insights that would give a better prediction in the how political ideas shift from one state to another. This is such a big potential in electoral analysis and prediction, which right now shows a lot of gaps that need to be filled to get more accurate results.
Big Data In Consumerism
The term Big Data is the most accessible term for consumers to describe the ways that people change their understanding of how the world works. All these changes and innovation would be incomplete if they didn’t address the needs of the consumers. Big Data right now can establish sensors in different consumer products, from washing machines to electrical meters. These data that come from such products will enable the manufacturers, government and civil society to understand more how consumers enjoy their products and how to improve them to create better versions.
Big Data is right now made more understandable both by consumers and computers. There’s no doubt that right now Big Data poses a lot of opportunities for growth both in business and in our personal lives. With these changes come risks. The risks of Big Data should not outweigh its benefits, and it is the job of our experts and government employees today to manage the benefits and offset the risks. Doing so will ensure that we can benefit from the progress of big data without compromising our society into ruin and hidden threats.