Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.
Sample Solution
Big data is a term used to refer to datasets that are so large and complex that traditional methods of analysis become insufficient. It generally involves gathering, analyzing and interpreting vast amounts of structured and unstructured data from various sources. Big data can be used for a variety of purposes including predictive analytics, customer segmentation, fraud detection, market research and recommendation engines.
Sample Solution
Big data is a term used to refer to datasets that are so large and complex that traditional methods of analysis become insufficient. It generally involves gathering, analyzing and interpreting vast amounts of structured and unstructured data from various sources. Big data can be used for a variety of purposes including predictive analytics, customer segmentation, fraud detection, market research and recommendation engines.
Personally I have seen big data being used in the finance industry where it has been utilized to develop algorithms which can accurately predict stock prices with greater accuracy than before. This has enabled financial institutions to make informed decisions in their investments as well as better manage risk. Professionally I have also witnessed big data being employed by companies in order to gain insights into consumer behaviour and preferences through analysing historical trends. For example, my own company has recently begun leveraging big data analytics in order to identify potential customer segments who may be interested in our products or services.
The increasing use of big data is placing demands on organizations and technology alike in terms of storage capacity, processing power, system security etc. To effectively harness the full potential of this type of information requires both sophisticated hardware for collecting large volumes as well as specialized software for managing them . In addition ,it necessitates hiring personnel skilled enough analyse interpret said derived results .
As far global economy affected by big data concerns then certainly could argue implications reach further even affecting way businesses operate since access such high-level intelligence open up whole array possibilities when comes marketing strategies targeting different demographics or creating customized products/services general population just name few Ultimately though positive impact likely outweigh negatives given potential increase efficiency levels across multiple industries especially those relying heavily upon predictive models forecasting future outcomes based collected evidence ..
