After a one week hiatus to take our midterms, we came back to our Week 7 class with one main topic to discuss: Big Data. The idea essentially covers advanced data analytics that can be used for predictive analytics, or in an effort to improve an industry. For example, in banking, companies use big data to create typical customers, including which ones are more likely to not repay loans, or miss credit card payments.
So where is big data headed? It’s not entirely clear, but it will obviously become more detailed in the future. Sports have already begun using data in big ways. Teams are tracking the nutrition of their players in deeper detail, gym routines, and sleeping patterns. The NBA has implemented tracking cameras in every arena that tracks detailed info like dribbles and miles ran. The fact that we know that John Wall dribbled almost 6 times per touch is insane.
Other more apparent uses of big data include looking at live traffic patterns on Google Maps. The streets turn red or green depending on traffic flows, which are created by Google tracking the location of other drivers on the route and seeing if they moving at the average speed or not.
The main consideration for companies with getting this increased data (especially in the banking industry) is ensuring that the data remains private. Security concerns can cripple a business that keeps sensitive info on its users and the general public. With hacking concerns seemingly growing yearly, big data could one day be a big problem.
So with that I leave you with some inspiring words from Coach David Fizdale: