Wednesday, September 14, 2016

The Future of Big Data in Business & Society

This article describes the potential revenue that Big Data will be worth in the upcoming decades. Currently the industry is worth $46B, but may soon double in the next 10-15 years! This article is a perfect example of what was talked about in class, in regards to the value of intangible data. Pretty soon, the amount of big data a company has could ultimately turn into a business factor when acquiring and implementing companies in business deals. In the past, businesses were said to buy more hardware than software, but that soon may change. This article made me wonder about just how many companies out there are collecting "big data". Essentially any time you put your name, e-mail, address, and some other external factor online, you are essentially feeding a website with a profile of yourself that could be sold in a bundle to any number of companies out there - advertising agencies, marketing teams, consumer applications, large corporations, etc.
On the company side of things though, I found another article that talks about how the starting salaries of very competent big data engineers might also increase, up to $200,000 in some cases. In a generation where we have grown up in big data, this could be a nice opportunity for information systems majors or minors who are looking for jobs in the technology industry! Although these are very nice salaries, I personally feel as though the data engineers aren't realizing their full potential if nobody can interpret or put meaning behind the Big Data. So what if you have my e-mail, name, and address? What are you going to do about it, or what are you going to sell to me based upon those couple of factors? What I believe is necessary in order for data engineers to be truly successful are those people who can analyze the Big Data and create strategic decisions based upon those analyses.
One thing I thought about when reading these two articles on Big Data had to do with the original question I posed earlier about giving these corporations my name, e-mail and home address; are the younger generations even concerned with their private data being online? My guess is probably not, because we are either too accustomed to just plugging in our information without hesitation or we are confident that these Big Data miners are putting the appropriate security measures into their software solutions to make sure our information is secure and private. The answer to this question led me to the following video on whether the benefits of Big Data outweigh the risks associated with it (identity fraud, hacking, etc.). What do you think? Do you think there are more positive uses for Big Data than negative ones, and does that thought change the way you will treat websites that collect and mine data from you?



 "At the end of the day, citizens don't really care about this data set. They just care about the information that is [applicable to] themselves."

Works Cited: 
  • Noyes, Katharine. Big Data is already a $46 billion market, but you ain't seen nothing yet. CIO.com. <http://www.cio.com/article/3117167/big-data-is-already-a-46-billion-market-but-you-aint-seen-nothin-yet.html>. Sep 12, 2016.
  • Bednarz, Ann. Big Data salaries set to rise in 2017. InfoWorld. <http://www.infoworld.com/article/3114793/it-careers/big-data-salaries-set-to-rise-in-2017.html>. Sep 12, 2016.







1 comment:

  1. Great article Chandler! Very relevant to the class as most of us are Information Systems majors or minors and will most likely be doing something with technology, especially big data, in our career. Chandler briefly touched on the point that the big data industry will double in the next 10-15 years. These statistics make this industry very enticing to me as there will inevitably be many jobs that open up in this field; jobs that do not even exist today. Even if I do not end up working with big data in my job I will still continue to follow the development of this industry as it has the potential to grow to be very large in the coming years.

    As there is room for the big data industry to grow, I feel the most important aspect to this industry’s growth is understanding the numbers and how to use them. The industry cannot be fully developed until people thoroughly understand the numbers they are looking at. Understanding how to use big data is the biggest challenge for this field, in my opinion. I could not agree more with Chandler when he says, “…I personally feel as though the data engineers aren’t realizing their full potential if nobody can interpret or put meaning behind the Big Data”. Taking his point one step further, I believe this unknown creates a challenge, but also a potential demise in terms of the big data world. If no one can put meaning behind the massive amounts of data being collected in the near future, companies will find it useless to collect all this data if they cannot draw conclusions from it. Companies have to pay for storage of the data, and as we learned in class, the more data you have, the more expensive it is to store it.

    Chandler posed a question in his conclusion which asked, “…are the younger generations even concerned with their private data being online?” My response to this question is they are not concerned with their private data being online (myself included), and at some point this is going to come back to bite our generation. Kids really don’t know what they are getting into when putting their email and other personal information online. It is scary because this is the norm for us, and we grew up doing this. By the time I was sixteen and opened a bank account in my own name, online banking was the way everyone managed their funds. I don’t think twice about having the online banking app on my phone or giving websites my phone number. As a society we are just now starting to realize all the effects of giving companies information that they collect as big data and consequently hacking is becoming more common. The growth of big data leaves room for the emergence of more cybersecurity firms as we begin to realize the dangers that come with big data.

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