Last Updated on March 23, 2024 by Saira Farman
Big Data has been around for a while: since computer simulations were used to model social behavior in the 60s, large sets of statistical, numerical data have been collected for analysis. However, because storage was expensive and processing power limited, most research focused on small samples instead of large populations (that’s why findings based on such samples may not be representative). Only after increased computer power became available did extensive data analysis emerge.
No, I’m not talking about social media management or internet marketing – those are just tools that help you access the bigger picture, which is Big Data itself. It refers to the massive amounts of data we now have and how we can use it. Every industry uses it, and your business probably needs it as well.
The first publicly known big data set dates back to 1995 when the technology company Walmart started using it for sales forecasting. Currently, the global market is worth an estimated $32 billion. This is not surprising, considering that around 2.5 quintillion bytes of data are created daily! That’s double the amount of information produced in 2011.
Most of this data originates from communication systems and other digital sources. It can be internal or external: internal would be a company holding onto its customer database, while external could be social media posts or weather forecasts from governmental institutions. The latter two have been used increasingly in recent years to obtain information about how thriving companies are doing – least if they’re smart enough to have a social media team.
Big Data can be divided into internal and external data, the former being more valuable because it’s related to your company specifically. All in all, the market value of Big Data is estimated at $32 billion. We will discuss implications for marketing later on in this article.
Table of Contents
Database management
Despite being at the cost of much time and effort, database management is not essential for every business. To make things harder for companies that decide to expand their databases, there are many different options available for software programs. This article will explore the top four most popular database management systems on the market today and provide a brief description of each program.
Microsoft Access
One of the four best-selling database programs in America today is Microsoft Access. Founded by Bill Gates, Microsoft has been developing software since 1975, with this particular system being released in 1993. However, one of its drawbacks is that it only works on Microsoft operating systems. One significant aspect that sets Microsoft apart from its competitors is its ability to use its program to create advanced layouts and unique tables.
Microsoft SQL Server
Another popular choice among companies today is Microsoft’s SQL Server, first released in 1989 as a relational database management system. One benefit to this particular software program is that it allows for faster reporting and more complex analyses with bigger data sets but comes at a cost as users need a deeper understanding of the system. Connect with RemoteDBA.com experts to know more.
Oracle Database
First developed by Larry Ellison in 1977, Oracle features many high-level functions such as security and reliability for companies to choose from. While the user interface is relatively complex compared to other options, another perk to using this method includes built-in subprograms for processing financial transactions and analyzing business scores. It should also be noted that Oracle is a dedicated server. It offers increased security and better performance.
MsSQL
The fourth most popular database management system in America today is MsSQL. This particular product from Microsoft was first released as a beta version in 1998 and became available for purchase two years later. The main benefit to choosing this program is its compatibility with other Windows-based software programs. Still, it comes at a price as users cannot utilize all the features of the software without paying extra fees.
In conclusion, many factors are evaluating which type of program will be best suited for your business needs. Keep all these options in mind before making a final decision about which software to use for your databases.
The problem with selling big data is that it involves moving data around. For large companies, this can be a huge logistical issue. If you are selling your data outside of the company, how do you ensure that you are still protecting your sensitive information? How do you know that your information is being stored appropriately by potential buyers?
Stresses the importance of security management and compliance processes when selling data for commercial use. Discusses the benefits to both the buyer and seller of managing this more carefully.
The first two bullets touch on these issues lightly. The last bullet brings home a point about Big Data contracts needing to be highly specific to protect client interests as well as limit liability on both sides. Selling big data can be a massive benefit for both the seller and the buyer. The question is, which side will manage this more carefully? Big Data needs to be well managed to sell it successfully. Potential problems could arise from not working Big Data correctly, such as: -This section touches on possible issues if big data isn’t collected accurately. The example discusses an issue the unnamed “company” has encountered with selling their data under specific norms.
Potential liabilities of being too loose with your company’s sensitive information. The best way to avoid these issues is by specifying concise terms in big data contracts to protect all parties involved. Selling big data can be a massive benefit for both the seller and the buyer. The question is, which side will manage this more carefully? The quote is the resolution of the article. It leaves it up in the air who will manage big data better but tries to sway people to be more careful when selling their data.
This section touches on possible issues if big data isn’t collected accurately. The example discusses an issue that the unnamed “company” has encountered with selling their data under specific norms. Potential liabilities of being too loose with your company’s sensitive information I am sure you are just dying to know what happens next…so I won’t keep you in suspense any longer than necessary! Keep reading for more on this topic! Oh, do I have a surprise for you! We’re talking.
Overview
Selling big data has become a lucrative business for companies that collect, process, and store large volumes of data. These companies typically offer their data to other businesses for a fee, allowing those businesses to gain insights into customer behavior, market trends, and other valuable information. While selling big data can provide a significant revenue stream for these companies, it can also impact their database management.
Firstly, selling big data can affect the scalability of a company’s database management system. As the demand for data increases, the company may need to invest in additional infrastructure and resources to manage the growing volume of data. This can lead to increased costs and complexity in managing the database.
Secondly, selling big data can impact data privacy and security. Companies that collect and sell data must comply with regulations around data protection and privacy. They must also take steps to safeguard the data they are selling from unauthorized access or misuse, which can require additional investments in security measures.
Finally, selling big data can also have implications for data quality. As companies focus on collecting and selling as much data as possible, they may prioritize quantity over quality, leading to errors or inaccuracies in the data. This can have negative consequences for businesses relying on that data for decision-making.
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