We’re sure you have heard the term “Big Data“, but how much do you actually understand about the term? Big data is everywhere at the moment, revolutionising the worlds of science, business, economics, medicine and more. By embracing the ability to collect and collate enormous data sets we are able to glean information that is simply not possible when working with smaller amounts of data.
A new approach
Big Data offers an innovative approach – lower quality data observed on a large enough scale can provide amazingly accurate results. Imagine we were assessing baseball players hitting home runs, if we looked at the record of a player over five games, a high amount of home runs could simply be down to a hot streak.
Compare this with looking at a player over his whole career – this larger scale of data gives a more accurate assessment of the player’s ability to hit home runs. Now imagine looking at every player in the last thirty years over their whole career – that is Big Data.
Crowd Sourced Connections
We are always connected ; our interactions, purchases, travel plans and internet searches are logged, and with the vast computing power available, processed, analysed and used to build accurate, prescient models of our world.
Every day billions of these instances occur, providing a continuous source of valuable data – Google, for example, were able to track the spread of the H1N1 virus through the monitoring of searches for terms associated with the flu.
Simulating the Future
Big data, and its manipulation, provides an exciting framework for changing the way in which we go about our lives. Complex models based upon huge amounts of data can be used simulate the effectiveness of business plans, scientific theories and anything else you care to think of to engender a more efficient and risk averse way of working.