Big Data and Social Media Flashcards
What is Big Data
Data that arrives in increasing VOLUMES with greater VARIETY and with more VELOCITY.
What are the 3Vs of Big Data?
What are the other 2Vs of Big Data?
- Variety
- Velocity
- Volumes
- Value
- Veracity
What is Variety in Big Data?
Variety = Many types of data that are available such as text, video, audio, images etc….
What is Volumes in Big Data?
Volumes = The amount of data that is received.
Big data = High volumes of low-density, unstructured data.
What is Velocity in Big Data?
Velocity = The fast rate at which data is received and (perhaps) acted on.
What is Value in Big Data?
Value = Is the data valuable and can it be analysed and used by business to be more efficient or develop more products.
What is Veracity in Big Data?
Veracity = Is the data trustworthy or is the data fake news?
What is involved in analysing Big Data? (3 methods)
1 - Data Mining
2 - Deep Learning
3 - Predictive Analysis
What is Data Mining (Analytical Method of Big Data)?
Data Mining = Sorts through large data sets to identify patterns + relationships by finding anomalies and creating data clusters.
What is Deep Learning (Analytical Method of Big Data)?
Deep Learning = Imitates human learning patterns by using artificial intelligence + machine learning to layer algorithms and find patterns.
What is Predictive Analysis (Analytical Method of Big Data)?
Predictive Analysis = Uses historical data to make predictions about the future, identifying risks and opportunities and generate ideas from this.
What is Big Data Analytics?
Big Data Analytics = Refers to collecting, processing, cleaning + analysing large datasets to help organisations operationalise their big data.
- Collect.
- Process it.
- Clean it.
- Analyse
What is involved in the collection of Big Data?
- Collect unstructured data from a variety of sources (such as cloud storage, mobile applications etc).
What is involved in processing Big Data?
- Data must be organised properly to get accurate results on analytical queries, especially when it’s large + unstructured.
What is involved in cleaning Big Data?
- All data must be formatted correctly.
- Irrelevant + duplicate data must be removed + accounted for.
Data vs Information?
- Data = Unstructured collection of facts that are individual and unrelated (meaningless to businesses).
- Information = Puts data into context in an organised way (useful for businesses).
When data is analysed and interpreted it becomes information.
Why is Big Data important for businesses?
Analysed data (info) can be used to:
- Identify trends in the market (what sells well).
- Back up decisions with previous trends etc.
- Help with decisions for future.
- Identify gaps in market for new products/growth.
- Learn about consumers’ tastes + trends.
- Learn about competitors strategies.
What is Social Media (WEB 3.0)?
Social Media = “Applications that are pieced together”, with characteristics that the apps are relatively small, the data is in the cloud.
Advantages of Social Media to businesses.
- Brand Presence - no1 source of info for consumer as more time spent on social media.
- Brand Loyalty - created through consumers following business on social media platforms.
- Sales - advertising + use of social media to influence consumers. (E.g. 1/4 vehicle purchases in U.S. used Twitter to help their decision.
- Filter Bubbles - Personalised social media feeds, consumers more likely to see businesses they like and therefore more likely to purchase (more specific/targeted to individuals).
Disadvantages of Social Media to businesses.
- Data Breaches - Social media platforms are increasingly under attack by hackers looking for data to resell - Business data may be stolen /hacked and sold.
- Social media doesn’t include all of target population (some consumers don’t use social media) so could lose sales.
