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2014 | Global Business Towards New Paradigm in Time of Crisis | 261--275
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Big Data - Opportunity or Threat for Business?

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In order to understand the trend which is big data arousal and development throughout last years, there shall be a statistic quoted. In the history of mankind, there was never such a big amount of data produced as it is now, 90% of all data created in the whole world today, has been generated during last 2 years (Gobble, 2013, pp. 64-66). Nevertheless, big data term is not newly invented. The first two to use the term big data were Cox and Ellsworth (1997) who referred to using big amount of data (also called large data) for visualization of scientific data, however since that moment the term evolved. Nowadays it includes integration of different types of data and analysis of it (O'Leary, 2013, pp. 53). Companies have an opportunity to capture trillions of bytes of information, which consider the consumers and their behavior, the suppliers and all companies' operations. All stakeholders of the company produce data by different means and now data no matter of the amount or form can end up being analyzed by companies. Data is sensed, created, transformed and communicated due to the millions of networked sensors which are embedded in the physical world both in the devices such as mobile phones, but also more and more often in the physical objects connected to the Internet like fridges, washing machines or automobiles. Individuals with smartphones fueled exponential growth, but big data seems to be much more complex phenomenon. Big data understood as enormous amount of all types and forms of constantly changing and evolving data that can be collected, communicated, aggregated, accumulated and examine - is now part of every sector and function of the global economy. (fragment of text)
  • University of Economics in Katowice, Poland
  • University of Economics in Katowice, Poland
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