MKT 420
Professor Park
Alec Lyman
Big Data
The term big data generally represents datasets that are too large for
current data software to analyze, manage, and store the information. Big data
does not fall under a certain size limit but the term will broaden as software and
technology advances over time. Many people believe this collection of data is an
invasion of privacy but the truth is, big data can help our world economy in many
different ways. MGI suggests that one of the biggest benefits would come
through US Healthcare where it is estimated that big data could bring a $300
billion value to the field. Two thirds of this would come from an 8% decrease in
national healthcare expenditures. MGI also estimates that the private sector
would greatly benefit as retailers could increase their operating margins by more
than 60% with the use of this data. The main issue with understanding big data
is simply the lack of knowledge that humans as a whole have on the subject. It is
estimated that in the United States alone, there is a shortage of 140,000 –
190,000 people who lack the analytical skills as well a shortage of 1.5 million
managers and analyst that are able to analyze and make decisions based off of
big data. This issue can be vastly improved with the right infrastructure and