Big Data

Big Data describes the collection and analysis of data – on such a large scale ordinary methods of data evaluation are no longer applicable. The collection and analysis of data on a large scale at a rapid pace reveals patterns and trends that can predict human behavior and interactions. With these ability businesses are able to streamline their operations through analysis and also connect better with customers to better tailor products and services. Data can now be gathered through various personal and everyday devices like: Smartphones, cars, computers, clothing, fridges, toasters, lightbulbs — anything that is then connected to the internet can be computationally analyzed about its usage, etc. Big data is the background and operations of IoT. For example, advertising that we see in our everyday-online-life on digital platforms like Youtube and Facebook for example is personalized – and based on the data-traces left in social networks as users use their own devices.

Furthermore, Big Data plays a key role in the development of an Artificial Intelligence (A.I.). Today´s neuronal network based A.I. develops by scanning through huge piles of data, which can be generated by collecting the outputs of billions of smart devices like smartphones and other digitally connected devices.

Big Data has also entered the world to replace traditional marked research and to form new business models. It allows the recognition of trends before or right as they emerge – which can be useful for companies of all sizes. Big Data involves also risks and uncertainties for companies and consumers. Governments and businesses need to make sure that personal data is protected. Cyber-attacks for example set personal data and privacy at risk – which is why there is a need for clear definitions and efficient rules, regulations and policies to protect data in a more and more interconnected world.