Place your order now for a similar assignment and have exceptional work written by our team of experts, At affordable rates
In your initial discussion forum post,
Define the term Big Data in your own words.
Discuss how Big Data has changed the world of business.
Select a business within any industry and discuss how Big Data can help it gain a competitive advantage against its competition.
Guided Response: Review your classmates’ posts and respond to at least two of your peers by Day 7 (Monday). Each peer response should be a minimum of 50 words. In your peer responses,
Discuss your peer’s definition of Big Data and present your thoughts on how it has changed the world of business.
Evaluate your peer’s business pick and if you think Big Data can really help that business gain a better competitive advantage.
Define Big Data:
Big data is arguably one of the most critical technology trends globally. Big data refers to the internet containing an endless variety of information that is hard to organize and structure. Since the internet was invented in the early 1980s, the amount of data passing through it has been mind-boggling. In fact, the University of Wisconsin explains this by stating, “The unprecedented explosion of data means that the digital universe will reach 180 zettabytes (180 followed by 21 zeroes) by 2025” (Big Data, 2022, Para. 3). This means there will be a boom in career opportunities that deal with learning how to decipher this data and make it useable for businesses to gain a competitive advantage.
How did Big Data change the world of business?:
Big data is the catalyst that changes the way businesses make tough decisions via targeted data. Generally, companies are much more conservative because they know that each decision costs them precious resources; this is why having the correct data makes all the difference. To exemplify this, The University of Massachusetts Global describes that “As big data is mined and analyzed, businesses are able to gain a more comprehensive view into their processes and gain valuable insights about their customers’ interests and behaviors” (Big Data Examples, 2019, Para. 4). This means that companies are capitalizing on the data sets around people, and none are more famous than Facebook.
Facebook makes money by selling advertisers targeted ads where their customers will be hanging out. People post their likes, dislikes, interests, and other private information on the site; however, wielding this information can also lead to dire repercussions in a data leak. According to an article on social media mining, Facebook has fought many legal battles over dismissing a massive data breach (McCourt, 2018). This means that the company was held responsible for not dealing with users’ private information ethically, which has given big data a social dilemma. So, it’s vital to understand that big data has advantages for a company, but it will also open new costly liabilities. Thus, big data gives a company a competitive edge through targeted data. Still, it’s also opened up a social dilemma, which means companies will also have to find new ways to protect data, which could be expensive.
How does Big Data help Quest Diagnostics gain a competitive advantage?:
Quest diagnostics is a huge company that benefits from organizing and structuring big data to improve business operations. The medical diagnostics industry is considered a high barrier to entry; it is challenging to start a similar business. However, many competitors like Labcorp or BioReference are always trying to compete and steal essential clients, so it is necessary to have the best information to win over business. This is why the company relies on many business and data analysts who can sift through tons of information to understand potential clients better; they help extract and organize data for winning marketing strategies. For example, if Labcorp tries to compete with Quest Diagnostics for a particular medical test, then using targeted data will allow marketing and sales teams to tailor their strategy for the most favorable outcome. Thus, valuable data will always be advantageous if coupled with solid execution.
Big data examples: 6 Ways it’s transforming business. (2019). UMass Global. https://www.umassglobal.edu/news-and-events/blog/big-data-examples-ways-its-transforming-business
McCourt, A. (2018, April 3). Social Media Mining: The Effects of Big Data In the Age of Social Media. Yale Law School. https://law.yale.edu/mfia/case-disclosed/social-media-mining-effects-big-data-age-social-media
What Is Big Data? (2022). University of Wisconsin Data Science Degree. https://datasciencedegree.wisconsin.edu/data-science/what-is-big-data/
A way I can define Big Data in my own words is an expansive record log of information used to help break down patterns. Big data changed the world of business because it had allowed a business acquire a larger set of information for marketing their product for a significant less amount of money that would have other wised been used for traditional research studies. It also provides an seemingly endless amount of data on their customer base when paired with data tracking systems on web sources. A great example of this would be a a toy company compiling data from people who have reviewed a new product and using that information to make mid-production corrections to make a more refined product for the consumer.