Boston Leadership Institute: Big Data

So what is Big Data? It's a process that involves collecting massive amounts of data--bigger than traditional methods are capable of analyzing. It aims to collect a high Volume, Variety and Velocity of data in order to provide real time intelligence. Together, these form "the three V's," which are the main components of Big Data. Challenges that Big Data analysts have include how to store the data (which can be costly when we're potentially talking about over a petabytes of data!), how to utilize new technology to analyze it, how to transfer the data, how to curate the data and many more. Big Data is about making sense of the enormous amount of statistics companies collect, but it's also about problem solving and overcoming the challenges that come when dealing with such a huge flow of information. Analysts also encounter ethical challenges in defining what information shared on the internet is private. There is a strong need for Big Data analysis because of its potential to save companies thousands, millions and sometimes billions of dollars. It can help companies make immediate decisions based on responses from their consumers and track patterns in the way they do business. This fascinating field will only continue to grow and have massive impacts on companies around the world. Data analysis is quickly becoming a requirement for large scale success and making smart, strategic business decisions.