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Big Data and What You Can Do With It
The amount of data in our world has been exploding. Eric Schmidt at Google has stated: “Every 2 Days We Create As Much Information As We Did Up To 2003“. (Techcrunch).
Imagine the scope! And, analyzing large data sets, called Big Data, is becoming a large basis of use for businesses and their competitors alike. “Data” is important to every aspect of business. However, data is especially powerful to those seeking to leverage search, social, mobile, local, video, marketing and emerging technologies to compete, provide actionable intelligence to executive teams, provide better customer experiences and earn more market share.
Big Data is a term often associated with Fortune 500 and 1000 companies because these enterprises often have greater resources to invest into the collection and analysis of data. If you’re a social media “expert” and you don’t know the connection between Big Data and Social Media, then you should sit up and take notice.
Social Media by the Numbers – Twitter/Facebook
The popularity of social networking has dramatically increased in recent years. Today, there are more than 1.11 billion Facebook users and 500 million Twitter accounts. This growth has led to a rise in the amount of data created daily, with Facebook reporting 665 million active users each day. Moreover, with the increased interest in Big Data and the capabilities it provides, everyone is suddenly interested to discover exactly what it can do for their business.
With the growing prevalence of users to post an abundance of information about their everyday lives, it provides businesses an opportunity to monitor the data and identify patterns of behavior in individual users. However, due to the vast amount of data produced by social networks on a daily basis, the analysis of this information cannot be performed with a mere software algorithm; rather it must be done using Big Data analytics.
What is Big Data?
Big Data is a collection of both structured and unstructured data sets that are so immense, ranging from a few dozen terabytes to several petabytes. The data is beyond the ability of regular software tools to capture, manage, and process it within a reasonable period of time. Unstructured data, which constitutes around 90 percent of Big Data, is made up of emails, social media posts, tweets, videos, mobile phone calls, and website clicks. The Interwebs provides gargantuan user-generated content (UGC). Structured data makes up the remainder of Big Data and is information contained in databases.
Big Data Analytics is where businesses derive new meaning from new data sources. New, meaning that was never practical to discover before. This could be because of scale, data formats, the distribution of data in many locations, or the fact that no one thought of looking before – or how to make use of it in the first place. It is easily as much a new mindset as it is new technology. Download full report he