Essay on Big Data

3380 Words May 2nd, 2013 14 Pages
Essay 1
A look at almost any of the marketing magazines from the last six months will uncover a large number of articles on “big data”. Examine the subject and discuss how it is relevant to companies like Tesco.

Introduction to Big Data

In 2012, the concept of ‘Big Data’ became widely debated issue as we now live in the information and Internet based era where everyday up to 2.5 Exabyte (=1 billion GB) of data were created, and the number is doubling every 40 months (Brynjolfsson & McAfee, 2012). According to a recent research from IBM (2012), 90 percent of the data in the world has been created in the last two years alone, and Internet activity in each second today will generate more data than all the data combined in the
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As mentioned, Big Data is not entirely a new idea but only web-based companies like Google and Yahoo are those that truly have familiarity with the Big Data (Press, 2012). These companies collect large amount of data everyday and create an entirely new method in conducting business by capturing free information from the Internet and servicing them to people in useful ways. For example, Google Trend is a service that displays statistic of a particular search-term relative to the total search size in different demographics and different languages across the world. It also allows users to compare the number of searches among other variables and shows news related to the search terms which can be further analysed by the users (Matias, 2012).

However, the prevalence of the Internet today naturally makes more business activities become digitalised. Large amount of information can be collected on practically almost any topic related to a business. In addition, people increase the willingness to share their personal information via their electronic devices like smart phones or tablets which allows businesses to capture behavioural patterns and utilise them for business purposes. This opens more opportunities for companies to develop their strategies based on the concept of Big Data and gain more competitive advantage. On the other hand, it is important for

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