It seems as though the year of the Big Data hype has finally arrived. From columns about the big data hype to conferences, the scientific and business world have come together to focus on large datasets that can give us insights on previous obstinate challenges. The Big Data hype has become so problematic that it seems to create what is soon to be known as “data fundamentalism”, which is a concept that suggests that a correlation will always indicate causation, and that predictive analytics and enormous datasets will reflect the objective truth.
Big Data isn’t simply about our purchase behavior or indication of where we are, it is more intricate than that. In fact, the Big Data has everything to do with data points which we interact with or create. It could be a number of things ranging from our decisions to e-mail a loved one, to a list of people we share posts with online. The Big Data has the ability to interact with various forms of information that we simply cannot comprehend, such as our habits, our activity, our mood, and even our location.
The attendees of the 2012 Privacy Identity and Innovation Conference, which took place in Seattle included industry experts and developers who had been dealing with the Big Data subject for over 5 to 10 years and had shown limited perspective on how they could monetize personal data.
During the conference, certain gaps were highlighted, such as:
They soon came to realize that these gaps were the result of many different factors, such as:
The core issue with defining the subject of Big Data is that it cannot be defined because it requires a repetitive structure.
To truly understand how Big Data functions, you need to develop a holistic sense of tactical applications and understanding that covers multiple areas. If you’re unable to focus on intricate details, then you’re probably going to have some trouble with understanding how the Big Data connects to business opportunities.
To affect our individual behavior, the Big Data creates opportunities for complex business strategies. A perfect example of such complexity can be seen through the social networking giant, Facebook.
Facebook, in all honesty, is simply a massive collection of complete personal information. And as one of the most popular social networking sites, Facebook is just one of the few organizations that have assembled huge amounts of Big Data which is gyrating around personal lives.
Now, since Facebook has become a publicly traded company, it has to be enforced to monetize consumers’ personal expectations when concerning identity and privacy through various government processes and numerous profit models.
The launching of an IPO is Facebook returning its profits to shareholders by assembling, evaluating and monetizing on our personal data.
If you ever decide to sit all day, adding up all the phone records, governmental data and credit cards, you still won’t have the type of data that Facebook collects on a regular basis.