5000 - The Digital Economy - Lecture 8 Flashcards
What is Big Data?
Big Data is the collection and analysis of vast sets of data that can be used to improve how we approach related problems and opportunities in business
What are a few examples of what Big Data can analyse and be used for?
- Customer Behaviour
- Brand Performance
- Market Development
and so on
5 V’s of Big Data
- Volume
- Velocity
- Variety
- Veracity
- Value to the business
5 V’s: Volume
Organizations collect data from a variety of sources, including business transactions, smart devices, videos, social media and so on.
5 V’s: Velocity
Today data flows into businesses at immense speeds and must be handled in a timely manner. Tags, sensors etc drive the need to deal with waves of data in real time
5 V’s: Variety
Data comes in a number of formats from structured, numeric data in databases to bulk text documents, emails, videos, stock data etc
5 V’s: Veracity
Data Flows are unpredictable, the organisations needs to know the data is accurate and trustworthy
5 V’s: Value to Business
They need to link data so that it adds value to the business and improve their operations. They need to see how what they have adds value and how to manage it.
SEO Meaning
Search Engine Optimization
What does SEO do?
Tracks keywords and searches conducted by a user and uses it to influence and promote future searches whilst also sharing this info with businesses to target adverts they think you will be interested in to them
Social Media and Big Data
Big data makes it easier for search engines to analyse content and deliver results that are the most relevant to searchers needs
