SUMMARY OF WORKSHOP 1: DATA EXCHANGE IN A DIGITAL WORLD

SUMMARY OF WORKSHOP 1: DATA EXCHANGE IN A DIGITAL WORLD

INTRODUCTION TO BIG DATA

Big data is a term that describes the large volume of data both structured and unstructured that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.

5V of Big Data

1.      Volume refers to the vast amounts of data generated every second. Just think of all the emails, twitter messages, photos, video clips, sensor data etc. We produce and share every second. For example is on Facebook we send 10 billion messages per day, click the "like' button 4.5 billion times and upload 350 million new pictures each and every day.

2.      Velocity refers to the speed at which new data is generated and the speed at which data moves around. For example is social media messages going viral in seconds.

3.      Value: It is all well and good having access to big data but unless we can’t turn it into value it is useless.

4.      Veracity refers to the messiness or trustworthiness of the data.

5.      Variety refers to the different types of data we can now use.

BENEFIT OF BIG DATA
Research: doing the research to know deeply about big data and collect the data to be analyzed

Business Intelegence: the data that have been analyzed can be an  business information that can be used to make a decision.

New Business Opportunity: with more knowledge about business information and ecosystem in a digital world, there will be new and big potential business