Type of Data

#DATA

Describes a data set made up of specific metrics over a short, well-defined time period

Describes large, less-specific data sets that cover a long time period

Usually organized and analyzed in spreadsheets

Usually kept in a database and queried

Likely to be used by small and midsize businesses

Likely to be used by large organizations

Simple to collect, store, manage, sort, and visually represent

Takes a lot of effort to collect, store, manage, sort, and visually represent

Usually already a manageable size for analysis

Usually needs to be broken into smaller pieces in order to be organized and analyzed effectively for decision-making

Challenges and benefits

Here are some challenges you might face when working with big data:

• A lot of organizations deal with data overload and way too much unimportant or irrelevant information.?
• Important data can be hidden deep down with all of the non-important data, which makes it harder to find and use. This can lead to slower and more inefficient decision-making time frames.
• The data you need isn’t always easily accessible.?
• Current technology tools and solutions still struggle to provide measurable and reportable data. This can lead to unfair algorithmic bias.?
• There are gaps in many big data business solutions.

Now for the good news! Here are some benefits that come with big data:

• When large amounts of data can be stored and analyzed, it can help companies identify more efficient ways of doing business and save a lot of time and money.
• Big data helps organizations spot the trends of customer buying patterns and satisfaction levels, which can help them create new products and solutions that will make customers happy.
• By analyzing big data, businesses get a much better understanding of current market conditions, which can help them stay ahead of the competition.
• As in our earlier social media example, big data helps companies keep track of their online presence—especially feedback, both good and bad, from customers. This gives them the information they need to improve and protect their brand.