Hello everyone! Paharia has done it again with chapter 3: The Next Big Thing Is Big Data. I can’t lie this chapter is more boring and overwhelming to me, so it is important to start with the definition to lay some sort of foundation and understanding. “Big data in general is defined as high volume, velocity, and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making” (Paharia, 2013, pg. 41). Honestly, I try not to think about how much information businesses and even the government has over me. It feels scary to not be in full control of what personal knowledge outside entities obtain. Nevertheless, this is the way the world works, so I should learn how I can protect and utilize big data.
The first key words are cluster analysis. Through surveys and questionnaires, you can find moments that people group together. The example of rating feelings about science fiction and chocolate was very simple. The only issue I have of this, is because we just learned about the line between coincidental data versus correlation. In the case of science fiction and chocolate, it doesn’t hurt to try and sell a candy bar as an additive. For a larger business, how do they know when something actually correlates… what is worth the research and practical work?
The next type of analysis is predictive modeling. Similar to a weather forecast, it uses math and historical facts to determine a potential outcome. This structure based on likelihood –in my head–seems like another risk businesses are taking. As I continue reading, I’m understanding that these techniques aren’t risks; their entire marketing strategies aren’t built upon solely guessing games, but they are using any extra information to their advantage. I have realized that I benefit from big data every day. From using a GPS to see my eta, to TikTok algorithms, to product innovation, I have been aided by big data. When University of Tennessee Chattanooga, College of Business, was asked “Why is Big Data Important?” they listed several points: “informed decision-making, increased operational efficiency, competitive advantage, and development of new business models” further, they stated, “organizations can use this information to better understand their customers, creating more personalized interactions for their target audience and improving their existing customers’ experiences” (College of Business, 2023, para. 7-11).
One of my favorite topics mentioned by Paharia (2013) is Big Data in the Employee Space. “Think about it… Amazon knows more about your employees than you do…so does Netflix” (pg. 56). Further, the author describes the hiring process to mainly be based on a ‘gut feeling.’ Big data can aid in determining potential workers values, tendencies, and overall if they are a right fit for the company. Personally, I am looking for internships for this summer. I can give the interviewers all my resumes, social accounts, portfolio websites, and more, but if they could tap into the big data of my life, it would make the process much more fine-tune. Same thing for the other way around. I can only view websites and referrals for some of the ministries and programs that I am applying to. How awesome would it be to have more data of what the organizations truly represent?
College of Business. (2023). The Role of Big Data in Modern Business. The University of Tennessee Chattanooga. https://blog.utc.edu/business/2023/09/20/the-role-of-big-data-in-modern-business/
Paharia, R. (2013). Loyalty 3.0: How big data and gamification are revolutionizing customer and
employee engagement. McGraw-Hill Education.
