16 May WRITE A PAPER OF YOUR CHOICE OF TOPICS ON WHAT IS WRONG WITH BIG DATA TODAY IN CONTRACT MANAGEMENT.
Write a paper of your choice of topics on what is wrong with Big Data today in contract management.
Use this lesson for reference:
In this lesson, “Big Data” is described. What it is, where data comes from, data handling and the impact of social media and other Internet-based data are explored.
Big Data is defined many ways. In some cases, it is described as a public relations activity, at one extreme and as large amounts of data elements stored as raw data. The data is used for searching for information. Useful information includes data pattern detection, using software tools for acquiring, analyzing, aggregating, and summarizing data.
The Internet, especially social media, impacts Big Data with the Internet’s vast amount of information. Multimedia, including, video, audio, and text are posted to websites. Some data is public, such as data provided by governments, companies, and third-party data-collection companies.
For this lesson, Big Data is considered large data sets, consisting of a vast variety of raw data, residing on file servers accessible by Internet searches. The data consists of files located on multiple platforms. Platforms include hardware and the presentation medium. Some platforms contain video files, some contain audio, and some contain text. Data is added, changed, and deleted at rates that make data volatile.
The input to databases is accomplished with cameras, microphones, computer hardware, mobile devices, such as cell phones, GPS signals, industrial automation, various peoples’ tablets, and laptop computers, and other sensing devices with appropriate interface software and equipment.
For example, data resulting from a variety of sources is uploaded to file servers in public, private, and government domains. Authorized access allows downloading of raw data, used for analysis, aggregation, and reporting. An agricultural company can monitor crop location temperature, soil conditions, water usage; decisions for action can be determined based on data, for instance. Munford (2014) presented an analogy of big data in use, considering the most important elements. The analogy considers a racecar. Data available was inputted from 150 sensors. Twenty gigabytes from each car were stored. Data was used to analyze component performance, driver reaction, pit stop status, and communication among team members. Data from the track was streamed so that team members could analyze data. Data elements included information on aerodynamics, the motor, the chassis, steering angles, gear changes, and brake use, resulting in instructions for changes to the driver as fast as the data came in.
Social media has created new opportunities for Big Data collection and analysis of data from social media websites. Perception of organizations, companies, for example, are created by customers commenting on social media sites. A person might send Tweet with negative comments on a company that impacts the company financially. Companies also use social media to investigate the popularity of new ideas. The results of the observations posted on social media lead to product development in favor of responses posted on social media. The results of these activities have created new markets, new products, and new business models.
Business research is changing as a result of Big Data. Unstructured data in various forms make up a majority of data on websites. Researchers are seeking new ways of addressing topic patterns from email, texts, videos, and other unstructured data elements. Content analysis is a key factor in creating an aggregation of unstructured data. The software is being developed to identify key terms are appearing in various databases. The aim is to create powerful aggregation techniques that “find” terms in multiple locations and group the terms into “themes” for later analysis.
Big Data also helps organizations manage individual and team behavior. Coordination of team efforts, media engagement, location, and organizational behaviors, can be tracked with the aid of sensors and by tying in mobile device data.
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