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About Business Basics
Business Basics are AI-generated explanations prepared with access to the complete collection, human-reviewed prior to publication. Short and simple, covering business fundamentals.
Topics Covered
- Big data definition and Vs
- Big data applications and sources
- Benefits of big data analytics
- Challenges in big data handling
- Data literacy and governance
- Future impact of big data
Talk Citation
(2025, September 30). Big data [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved September 30, 2025, from https://doi.org/10.69645/WIBQ3810.Export Citation (RIS)
Publication History
- Published on September 30, 2025
Transcript
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0:00
Today, we begin
by clarifying what 'Big Data' truly means.
At its core, big data refers to
information assets of such high volume,
velocity, and variety
that traditional data tools cannot easily capture,
store, or analyze them.
These are the three 'Vs': volume, representing
vast data from sources like
social media and sensors; velocity,
the rapid speed data is produced
and processed; and variety,
the many data formats, from spreadsheets
to unstructured text, images, and video.
Some also consider veracity,
which concerns data quality, and value,
which focuses on generating useful insights.
The importance of big data is best understood
through its practical applications and diverse sources.
Big data is generated in
nearly all areas of life and business:
retailers gather transaction records,
browsing habits, and social media interactions;
healthcare providers collect medical records,
genomic data, and sensor information;
governments monitor transportation,
census, and economic activity.
Big data analytics are used to predict
purchasing behavior, optimize logistics,
detect financial fraud,
and support precision medicine,
making it invaluable across industries.
Harnessing big data offers
significant opportunities for organizations.
With advanced analytics,
businesses can uncover hidden trends,
personalize services, and make accurate forecasts.
However, these benefits come with challenges.