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Big Data: Big Deal or Buzzword
The document investigates the concept of big data, emphasizing its evolution alongside the internet and its significance in modern business. It discusses the opportunities and threats that big data presents for firms, highlighting the necessity for developing a skilled workforce and utilizing advanced technology to harness its potential. Additionally, it explores various applications of big data in industries like talent acquisition and healthcare, and underscores the importance of continuous learning and adaptation for future growth.
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Big Data: Big Deal or Buzzword
- 1. Big Data: BuzzWord or Big Deal? An investigation exploring how the meaning of data analysis is interpreted in modern business
- 2. What are theOrigins Behind “Big Data?” • Fairly new term dealing with an old concept • Developed alongside the powerhouse that is the Internet • “Data” are the same. The scope is what has changed. • Big Data is man-made. • Potential is limited only by our own abilities to utilize it • …so how should firms go about that?
- 3. Aim High: HowDo We Approach what Big Data has to Offer? Big Data Perspectives: Is Our Welcome Mat Laid Out? Threats Opportunities • Potential to overwhelm our staff • We lack adequate resources/technology to deal with it • Could render previously necessary human capital obsolete • Short-term usage/analysis could slow productivity in other areas • Develop a more sophisticated, comprehensive, and creative workforce • Acquire/outsource modern technology that will suffice • Align our employees with the information rather than compare them to it • Long-term application proven to potentially lead to exponential growth Open-mindedness, ruthless determination to grow, and active resourcefulness dictate which side becomes reality
- 4. Big Data: Responsibilitiesof Businesses • When a plant has its first flower bloom, do you stop watering it? • Of course not! As a plant grows, it requires MORE attention and care. • Businesses always wanted information…well now we have boat loads. • Fruits of our labor can develop. Are we willing to put in the effort? • Our workforces must grow as the data have grown. • Patience. Resourcefulness. Creativity. • More information = More potential.
- 5. General Examples ofUtilization of Big Data • Up-to-date tracking of packages worldwide by distributors such as UPS, Amazon.com • Analysis of spending patterns according to age, income levels, education, and other demographics • Information storage in general by IT companies • Social networking/Internet allowing for communication worldwide efficiently and effectively, along with targeted advertisements • Successful companies are finding ways to work WITH technological advancements, paving the way for future growth. Let’s narrow it down a bit…
- 6. Xerox: Living, Breathing…Equipment? •Big Data improves ability to “close deals, to radically improve uptime of their equipment, and to provide services that differentiate them from their competition.” • Collects terabytes of data daily • Sourced from 1.2 million devices • Runs predictive algorithms • “Preventive maintenance on machines” • End Result: Up-to-date analytics keeping all equipment “healthy” for optimum performance • Using big data in predictive analytics with hiring and retaining workforce
- 7. More Recent Applicationsof Big Data • Ben Jacobs: Creator of Whistle • Device worn around a dog’s neck that compares health/activity levels to average healthy canine of the same breed. Live feed of information. • Colin Hill: Founder of GNS Healthcare • Created more personalized, mobile healthcare services HiringSolved’s niche: Talent acquisition, recruitment/sourcing technology for all firms, grant access to massive search engines for potential employees. What else can be done?
- 8. What’s Next forBig Data in Talent Acquisition…? • Analysis of past events and statistical trends to aid in making decisions regarding future hiring and recruitment • Which sources of talent are most fruitful? • Perform accurate forecasts of future outcomes relative to human capital decisions • Find ways to create a more diverse and effective talent pool • How can we narrow a talent search down to those who fit given qualifications exactly?
- 9. eQuest: Massive TalentAcquisition Data • World’s most prominent job posting distribution company: 20 years of existence • Statistics compiled that dictate preferable times to post certain jobs according to title, location, etc. • Learn how well posts are contributing to business growth through historical data • “Unbiased Performance Metrics You Can Trust.”
- 10. HiringSolved: More MassiveTalent Acquisition Data • Less than 2 years of existence! • Focuses more on actual acquisition of individual talents rather than job postings • Massive talent-search databases for clients’ use • Over 50 million talent profiles available to search through • Searches the entirety of the internet to locate and capture the work experience and talent you need in a candidate • Similar Search allows for the locating and compilation of comparable resumes
- 11. How can BigData Become more Valuable for Talent Acquisition? • The technology is there. • How can we make a talent search more productive? • Example… • How can our chances of having a blue gumball come out of the machine increase? • ANSWERS: • Continuously weed out the orange ones along the way, OR • Put more blue ones in the machine
- 12. Long-Term Goal: MoreDesirable Talent in the Talent Pool • Many valuable job seekers are overlooked due to digital misrepresentation • Promote professionalism and personal branding on the Internet down to the micro level • Create a culture that people can connect with • Spread the word! Many are still catching up with the times • More talent = more client satisfaction = GROWTH.
- 13. Big Data isa Big Deal. • We are all immersed in innovation daily • Threats vs. Opportunites • The continuation of learning is essential. Ideas and inspiration can arise from anywhere • Firms all over the world are taking advantage of opportunities • Big and Small; Local and Global • Are we allowing for a chance for growth… • …within ourselves? • …within our peers/coworkers? • …within our businesses?
Editor's Notes
- #3 Obviously we know what Big Data is, along with what it represents as a phrase covering a broad array of subject areas in today’s global society. What is to be taken away from this slide is the emphasis surrounding the fact that “Big Data,” the phrase itself along with the ideas that it encompasses, is man-made. The items and subjects that comprise the datasets and databases themselves are not necessarily mankind’s creations, but the coined term, as well as any utilization techniques that go along with its organization and manipulation are all products of human intuition and innovation. In other words, Big Data is an extension and representation of the world as we perceive it to be. Although we are the most advanced species that can call this planet home, we still are and always will be imperfect. Thus, our creations are imperfect. I can say with confidence that Einstein’s Theory of Relativity is slightly more earth-shattering than what the Snuggie brought to the table, but both are still imperfect products of imperfection. How should we feel about handling Big Data? Is bigger always better?
- #4 Over time, our economy and industrial world has continually grown in terms of productivity. Information technology became increasingly relevant in the second half of the 20th century, but we never could have dreamed that technology and electronics would evolve as they have throughout the past two decades. A lot of firms are still trying to catch up, and this is representative of a shocking number of individuals as well. Businesses are responsible for embracing new opportunities that will allow them to see “Big Data” as less threatening, and more exciting. Many have been taking advantage, but some still are lagging behind.
- #5 Data are but examples and pieces of information. In today’s world, there are much more data, so there is a plethora of information, new and old. All data, as mentioned earlier, is man-made. With a world population that recently broke the 7 billion mark, along with the highest life expectancy the world has ever seen, and the simultaneous technological revolution that allows for constant, up-to-date analysis of nearly anything that we put our minds to, it’s no surprise that we are up to our necks in numbers and figures. Data analysis is as ancient as the world is round, but the means to our end has always been changing. We can still apply principles of analysis that we have used in the past, but adaptation to this alarmingly rapid rate of change is essential.This monstrous growth in data cannot replace the human capital that created its uses. We still have the ability to control and use this growth to our advantage. We just have a much larger talent pool to pick from in terms of analysts for the data, as well as a considerably vast source of items to take a look at. For every plausible challenge this poses, there is an equally accessible window of opportunity waiting for us to peek our heads through it. It’s our job to draw the curtain and take in the light of the new day.
- #6 The technology and resources that allow for the propelling of our businesses into the future are available…it just takes a certain kind of creativity to stand out among the rest. When we give in and say things like “everything’s been done,” or “there’s really nothing else we could develop further,” we limit not only ourselves, but also our peers and other potential innovators. Innovation is bred exponentially in our modern times as a result of the growth and development of all that has been discussed thus far. Innovation leads to more innovation, and subsequently, occasional breakthroughs that are not only unbelievable, but also profitable from a business perspective. I have never been an expert in data utilization, nor do I claim to be now, but I do know that inspiration, coupled with passion and dedication, leads to innovation. Businesses must have the will to realize that reality by instilling the necessary drive and commitment into their employees. They should aspire to challenge themselves day in and day out with the constant onslaught of obstacles that big data throw their way.How will these challenges bring firms like HiringSolved into a new light? What’s next for the talent acquisition industry?
- #7 Every company has a niche to work with regarding Big Data utilization. Some firms find it more quickly than others. Xerox is in the process of creating an even more effective business environment for itself by adding previously unknown value to its already-established equipment.
- #8 These are a few examples of more specific, and more recent projects undergone by creative and innovative individuals. Experience is not necessarily the key. Creativity and a willingness to learn about the capabilities of Big Data are what are essential. Personal experiences, along with a passion for what they believe in, is what separates Ben and Colin from those with similar intellectual capacity.Ben Jacobs had seen far too many of his pets pass on at early ages to stand by and watch it happen again. His goal was to find a way to detect harmful diseases that plague dogs at alarming rates in a significantly more efficient manner. His invention, Whistle, keeps tabs on the friendly canine’s daily activity and health levels while simultaneously comparing results to the activity levels of an average healthy dog of the same breed. Although it is still being developed, the prototypes have shown that early detection of rapidly spreading diseases has become much closer to a reality than before. Jacobs has a goal to prevent the suffering of other pets and their respective families through this innovation.Colin Hill witnessed his father go through a long struggle with disease. He wanted easier access to treatment option information for arthritis, diabetes, cancers, and other illnesses through a mobile version of his GNS Healthcare. The healthcare industry is not new to Big Data implementation, but this individual commitment to innovation, based on a passion for a personal cause, exhibits further what a single person is capable of.
- #10 E-Quest compiles massive amounts of data from all over the Internet in order to acquire employees for large firms. It offers non-biased, objective data compilation from all corners of the Web. With such a long tenure of work to look off of, we can learn a lot about this industry by analyzing eQuest. They analyze the market digitally so as to find out what the most effective means of posting jobs are in order to maximize results for firms that previously lacked adequate time and resources to analyze this phenomenon themselves.These types of analytics require massive amounts of data collected over a long period of time, and that’s where eQuest’s 20 years of existence come in to play.
- #13 HiringSolved, as well as other firms, is growing as a result of dependable performance for its clients. The talent acquisition technology is remarkably efficient because it compiles suitable candidates from massive sets of big data, as well as lists of other job seekers that share similar qualities with the best fits. To put it simply, HiringSolved offers what every company could expect out of a top-of-the-line talent acquisition tool. That said, many people are still unaware of just how important it is for them to ensure that they have professional images of themselves available for the world to see. Sometimes they forget how flat the world actually is in terms of data sharing.We’re not talking about those who forget to delete party pictures that someone posted of them on Facebook. There is an important distinction between those that are avoiding embarrassment and those that are lacking adequate self-promotion. Many people just plain don’t KNOW what resources are available, and even if they do, they don’t know how to use them effectively to give themselves a great chance in the workforce. LinkedIn in particular is the key. If LinkedIn has a greater number of knowledgeable members who know how to work hard AND represent themselves in an exceptionally professional manner, that means that firms like HiringSolved have more valuable databases and search engines to offer. Gradual promotion of personal branding would cost very little, and clients would undoubtedly be more likely to pay for services if talent acquisition firms had more talent to offer them. As I said, the technology and big data are already there. Who says they can’t be improved, either directly or indirectly?