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In our ofces, Big Data by Viktor

Mayer-Schonberger and Kenneth


Cukier has been a big hit.
Here are ten things about
Big Data we think everyone
should know. Enjoy!
> DATA-REALTY.COM
Ten things you should
know about big data.
Just as lumber, coton and steel fueled economic transformaton, data is a raw
material of business. But data does not expire afer a single use, it can provide
answers to multple questons. The digital world contnually grows and Big
Data marks a paradigm shif for businesses.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
1 | NOW
In the world of big data, more is defnitely beter. Forget about random
sampling of customers using only some informaton, and instead capture data
from everyone and it becomes easy to see trends and anomalies. Ofen, the
anomalies communicate the most valuable informaton, but they are only
visible with all of the data n = all.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
2 | MORE
Just like children are simultaneously messy and amazing, so too is big data.
Its unreasonable to believe all informaton fts into tdy rows and columns
and thats okay. Think about tagging photos online, the tags are irregular and
include misspellings. But, the volume of tags allows us to search images in
various ways and combine terms that would not be possible in precise
systems. So, instead of eliminatng inexacttude in our data,
we can calculate with messiness in mind.
Big data, like parenthood, requires that we become comfortable in chaos.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
3 | MESSY
Correlaton is not causaton.
Knowing the elusive cause of increased sales is a luxury but not a necessity to
recreate the environment which furthered sales. Correlatons are identfed
more quickly and cheaply than root causes, and Big Data tells us what
variables best predict if a customer will make a purchase.
With this, businesses can increase or decrease variables to maximize output
and sales. In Big Data, we become less concerned with the cause,
which is ofen uncontrollable, and focus on the best correlatons
that predict a business phenomenon.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
4 | CORRELATION
First the world was quantfed with mathematcs,
then it was digitzed with computer readable informaton,
now it is being datafed by organizing it for index-ability and search-abilty.
This is the diference between a PDF that is a scanned image of a leter, versus
a PDF that was exported from a word processing program. The exported
(datafed) version has text that can be highlighted, copied and found. Beyond
this simple human interacton, computer programs can be created to index
and crawl the text data for larger computaton and modeling.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
5 | DATAFICATION
The value in big data lies in its use and reuse.
Just like the futuristc electronic paper (pictured), data is at its best when being
used. And, the potental for further applicaton is where the return on data
really increases. Ofen, value is unleashed when very diferent datasets are
combined to collectvely answer big questons.
With big data, the answer is more valuable than the sum of the data.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
6 | VALUE
So what does this mean for business today?
There is a new value chain of big data, beginning with you, the data holders.
Those that hold and own data rely on data specialists, the scientsts and
mathematcians, to unleash the value. Permeatng across these groups and
beyond are those with the data mindset, who see opportunity and potental in
big data and can artculate the big questons.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
7 | IMPLICATIONS
As with all things, there is risk in big data.
If informaton is power, then insights based on data from everywhere that
predicts future behavior is the type of power found irresistble by archetypal
villains (think Matrix). So lets be clear, predictve analytcs is based on numbers
and how we interpret them. Results can be biased, numbers misleading and
algorithms mis-analyzed. Understanding this and the inherent limitatons of big
data are crucial to mitgatng risks.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
8 | RISKS
We believe data should live long and prosper.
With that in mind, and remembering big datas value lies in its use and
reuse, the current protocol of consent at tme of data collecton is insufcient.
Considering data should be used multple tmes, responsibility needs to shif to
the data users. Those of us that use the data need to do so for the beterment
of society and not to its detriment. The big data industry should learn from
other professions that have experienced similar explosions in adopton rates,
launching the need for expertse and industry-wide control.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
9 | CONTROL
Business intelligence, which traditonally includes understanding historical
trends and analysis, is shifing to an ability to predict the future.
This paradigm shif will force us all to reconsider what we know, what we
believe, and how we behave. The potental for good in big data is immense,
varying from transportaton and healthcare to business and consumer
products. It is now tme for our informaton society to live up to the name
and leave a big data legacy to the next generaton.
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
10 | NEXT
> DATA-REALTY.COM
> TEN THINGS YOU SHOULD KNOW ABOUT BIG DATA.
Now youre aware of ten major
trends related to Big Data.
Data Realtys data centers are
designed in collaboraton with
world-class data scientsts specifcally
for the analysis of big data.
For more details and to connect,
tweet or follow the team, visit
Data Realty online at data-realty.com.
Where data lives.

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