Big Data Risks and Rewards

Discussion; Big Data Risks and Rewards

When you wake in the morning, you may reach for your cell phone to reply to a few text or email messages that you missed overnight. On your drive to work, you may stop to refuel your car. Upon your arrival, you might swipe a key card at the door to gain entrance to the facility. And before finally reaching your workstation, you may stop by the cafeteria to purchase a coffee.

From the moment you wake, you are in fact a data-generation machine. Each use of your phone, every transaction you make using a debit or credit card, even your entrance to your place of work, creates data. It begs the question: How much data do you generate each day? Many studies have been conducted on this, and the numbers are staggering: Estimates suggest that nearly 1 million bytes of data are generated every second for every person on earth.

As the volume of data increases, information professionals have looked for ways to use big data—large, complex sets of data that require specialized approaches to use effectively. Big data has the potential for significant rewards—and significant risks—to healthcare. In this Discussion, you will consider these risks and rewards.

To Prepare:

Review the Resources and reflect on the web article Big Data Means Big Potential, Challenges for Nurse Execs.
Reflect on your own experience with complex health information access and management and consider potential challenges and risks you may have experienced or observed.
By Day 3 of Week 5
Post a description of at least one potential benefit of using big data as part of a clinical system and explain why. Then, describe at least one potential challenge or risk of using big data as part of a clinical system and explain why. Propose at least one strategy you have experienced, observed, or researched that may effectively mitigate the challenges or risks of using big data you described. Be specific and provide examples.

By Day 6 of Week 5

 

 

MORE INFO 

Big Data Risks and Rewards

Introduction

Data is the new currency of business. It’s not just about finding out what people want, but also about delivering it in a way that creates value and drives growth for your company. In this post, we’ll explore some risks and rewards associated with big data.

Data is the new currency of business.

Data is the new currency of business. It’s the oil, gold and king to be used by all organizations in order to gain an advantage over their competitors.

Data is what makes it possible for us to do things like:

• Make shopping decisions based on our preferences and past experiences

• Predict where we’ll live next year or even today (with apps like Mapbox)

Learn to manage your data.

You’ve probably heard that “data is the new currency of business” and you may be wondering what it means for your company. Data is the key to unlocking value from your data, but there’s a lot involved in managing it effectively.

The first step to managing your data effectively is understanding how much of an impact it can have on your business—and why it matters so much. Data has become more valuable than ever before because it holds valuable insights into consumer behavior and preferences that help businesses understand their customers better than ever before.

Data also allows companies to make decisions faster than ever before; for example, if a customer signs up for an e-mail newsletter using Facebook, then all future communications will automatically show up on their newsfeeds (and vice versa). In addition, knowing who buys what helps retailers plan store layouts or choose products based on demand trends rather than guesswork alone. Without proper management practices in place though…

Learn what consumers want and deliver it.

As a business owner, you’ve probably been told that data is the new oil. But what does that mean for your company? How can you use it to help grow your business and satisfy customers?

First off: understand what consumers want and deliver it. Learn how they interact with each other in social media communities such as Facebook or Twitter; observe how they respond when something goes wrong; look at their purchasing history and preferences (for example: if they buy organic products). Use this information along with an understanding of their interests, needs and desires—all things derived from data—to create better customer experiences.

Second thing: use data to improve the customer experience by delivering more personalized experiences than ever before possible before!

Capitalize on advances in technology.

• Use data to improve customer experience. Data can be used to improve your business’s product or service, so that it is easier for customers to use and more satisfying for them. This can mean new features, better customer support, or even just a smoother experience overall.

• Use data to improve employee experience. Data also has the potential to make working at your company more efficient by helping you identify ways of improving processes that already exist but aren’t working well enough yet (or at all).

• Use data in environmental sustainability efforts as well! In addition to being able to spot trends about specific products or services based on their usage patterns alone – these tools can help measure how much energy each item consumes when running through different parts of its life cycle cycle (i..e., manufacturing stage versus launch)

Invest in sustainability.

Sustainability is the ability of a business to create value and stay in business over time. It’s about building long-term relationships with your customers, employees, suppliers and communities by being sensitive to their needs and concerns.

Sustainable businesses use resources wisely so they can continue growing without consuming more than they produce. They also focus on creating products that are safe for people or the environment (like reducing waste), using less energy than they need to run their operations—and using renewable energy sources like solar panels or wind turbines when possible!

It’s easy to see how this could translate into an ethical approach towards data collection: If you want your company’s sustainability goals met by 2020 (the target date set by World Economic Forum), then how do we make sure we’re doing everything possible right now?

Takeaway:

There are a lot of benefits to big data, but there’s also a lot to consider. Make sure you’re prepared for the risks and rewards that come with it.

• The importance of data: Data is key to your business, as it allows you to make better decisions about what your customers want and need. But at the same time, if you don’t have enough information on demand (or haven’t spent enough time collecting it), then your company could miss out on opportunities or even lose money by not providing what consumers want.* Managing data: Large amounts of data mean more work for IT teams—but just because something requires more effort doesn’t mean it should be avoided! You need talented people who can filter through all those numbers in order to find patterns or trends within them; otherwise things will get messy quickly.* Delivering what consumers want: Companies should always be thinking about how they can give their customers exactly what they’re looking for when buying something from them—and this includes technology too! If there’s one thing we’ve learned over decades worth experience working with companies around the world: no matter how much progress has been made towards making life easier for everyone involved (whether through automation systems like robots), nothing replaces face-to-face interaction between human beings interacting directly with each other.”

Conclusion

We’re just scratching the surface here, but this is a good start. The data industry is booming and it’s never been more important to understand the risks and rewards of Big Data before jumping into it. So, what are you waiting for? Get started today!