Describe your understanding of big data and give an example of how you've seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.

 

Big Data

Big data refers to as a field in computer networking that deals with treating the way of analyzing and systematically getting information in dealing with large data sets that are very large for being dealt with by various application software that process data.

The following are reasons as to why big data is being used;

·      To save costs that for data processes

·      Helps in reducing time

·      Understanding the market condition

·      Helps in controlling online reputation

·      It uses big data analytics where customer acquisition and retention are boosted

·      Using Big Data analytics to solve advertiser's problem and offer marketing insights

·      Big Data analytics as a driver of innovations and product development

Utilization of big data in our daily lives has been caused by rapid technological advancement and the integration of the internet of things, we are now very dependent on technology and its applications vary to all aspects of our modern society. It also had a huge impact on the aspect of law enforcement, morality and ethics. An example is that the use of laws, ethics and morals greatly help in curbing the violations of big data and also help lowering the risks of infringing hence becoming an aspect in companies and organizations.

Step-by-step explanation

Big data affect a global economy in the following ways;

·      New Occupations and Careers

·      Improved Law Enforcement and Security

·      Poverty Eradication

·      New Business Opportunities

·      Breakthrough in the Health Sector

·      New forms of exchange value and trade

·      Used in the Government.

Generally, big data raises the economy to the country under these reasons.