organizations encounter when managing Big Data
Organizations capture data for nearly all events – including examples like reward programs, location visitation, as well as physical measurements like engine temperatures and stress points on a bridge. This data is captured at an increasingly rapid pace and must be analyzed quickly. According to IDC (a technology research firm; www.idc.com), the world generates exabytes of data each year (an exabyte is 1 trillion terabytes). Furthermore, the amount of data produced worldwide is increasing by 50 percent each year (Rainer, 2016). As recently as the year 2000, only 25 percent of the stored information in the world was digital. The other 75 percent was analog; that is, it was stored on paper, film, vinyl records, and the like. By 2015, the amount of stored information in the world was over 98 percent digital and less than 2 percent non-digital.
What is the focus (why did it come about)? What are its characteristics (that distinguishes it from traditional data)? What issues do organizations encounter when managing Big Data? How can organizations put Big Data to use? How will it help create a competitive advantage?
Big data is the collection of data that is collected by the organization that can be information to use in machine learning projects. It is also known as the three V’s that is volume, variety, and velocity.
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