Big Data// Redefining Business Relationships.

Hello friends, today in my blog about finance I come to talk about what is known as BIG DATA, a concept that in the last 2 decades has revolutionized the business world due to its great utility, but it has also generated controversy, but I will talk about that later, let's start first by defining.



What is BIG DATA.

BIG DATA would be data banks ranging from 30 or 50 terabytes to several Peta bytes, these are in essence, everything that can give information about the patterns of behavior of a specific group of people .... usually used for the purpose of knowing their consumption patterns, but also for various other purposes, this data includes videos we upload, comments on social networks, public polls, Quizz, what we buy online, the things we watch, the memes or videos we like, the sites we visit all... anything that has an element of personal decision or opinion can be captured for a database by a BIG DATA company.

This can help companies solve the big question that has existed in all marketing departments for decades [what do customers want] because by studying all the behavior patterns of a sector of the population, you can know if they prefer to eat more meat or chicken, or if they like the color black or white...

To give a more practical example, let's suppose you want to start a shoe manufacturing company, and although you have the resources, excellent labor and good designers, you don't really know how to structure your production for the launch, you don't know whether to start with children or adult shoes, ladies or men... you don't know what colors are sold, or even if you have the experience... you don't know what the fashion trend will be like in 1 year... Well, you hire the services of my big data company, and in a few days you have in your mail a complete report telling you which shoe models will have more circulation, for each time of the year, which may be the best narrative for your advertising campaign and if there may be problems in your business model such as, that your customer service system will generate negative opinions in some sector of the population, they can know this because they compare the data of thousands, millions, of people who have interacted with similar systems and have complained, either on the Internet, in telephone conversations, or simply by not buying your products...

Now ... the collection of such data is done by companies or organizations, to catalog them and run through them algorithms that can identify patterns of behavior ... such companies trade with them, or use them internally, Example, Netflix, or Amazon, collect data from all users, and based on them give you the suggestions of products that you might like, but many companies sell such data, or the results of the analysis to third parties, of course, this and other details generate controversy.

And for many it is disturbing that private companies and governments have lots of your personal information, and are actively using such data to manipulate your business decisions, or policies perhaps, even your opinion or the opinion of the people around you ...

To begin with the way in which such data is collected may seem somewhat shady... let's take an example that has happened to me, once conversing with my older brother through a certain social network about the idea of a camping trip to the mountains... I noticed that soon after in my social networks and the advertising that appeared in them, that suggested camping articles... or recommended me pages about camping and the like.... and more recently I got the famous Facebook notification about exposure to extremist content... that although I have very strong political opinions against many forms of government, especially that of my country, I am very reserved with whom I share them, and the pages with that theme that I follow are usually disabled from time to time... but never actively participated in the comments section. ..

So such information came out of my chat conversations on those platforms... which means that they actively analyze our conversations... although most of them with our permission, because such clause is already an active part of the terms of use of any social network... and even if they did not specify it, the truth is that they have been doing it for many years already... now then.... if such information was used only to sell me tents... nothing would happen, the problem is that they can also sell it to third parties... including governments or private military organizations for example... which is ominous... there are people who would be better not to know where we are, what we eat and what kind of porn we like... because there are people with bad intentions and a lot of resources out there...

Even with all this... big data, like any human system is not perfect... and even more so when its object of study are beings as complex as humans... for example, one of the areas where big data is revolutionizing the industry is in health, since knowing what a person eats, where they live, where they like to go, or what their mood is on the internet, can reduce the search margin when they present an ailment, to diseases related to their activities or diet... but... algorithms struggle to understand the complexity of human expression... which can generate diagnostic errors.

As a conclusion... Big Data has its pros and cons... but in this interconnected era we live in, the use of Big Data is here to stay... even if sometimes we do not agree with it, everyone who has the possibility will use it to improve their company, stabilize their government, or better understand the health of the population... what do you think, is it ok that so few have so much power, and what about our privacy, we have to resign ourselves to it not existing anymore... please give me your opinion in the comments, this is a debate that I would like to have, and we all should have...

Recommended Bibliographic Reference

[1]Big Data.