Business Applications of Big Data: Considerations for Not-for-Profits

Business Applications of Big Data: Considerations for Not-for-Profits

Javier Vidal-García, Marta Vidal, Rafael Hernández Barros
Copyright: © 2019 |Pages: 22
DOI: 10.4018/978-1-5225-7501-6.ch069
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Abstract

Twenty-first century organizations face a challenge and an unprecedented opportunity: to build a new model of relationship with current and potential clients which is more efficient and innovative. And this necessarily implies to acquire a completely new corporate culture in which the collection, management and interpretation of information will inspire the entire business. Under this new business scenario, the data is not understood as part of a process but instead to be part of the core business as a decision tool. Only if companies can manage this flood of information will be able to understand what we do and where they are going; identify the tastes and preferences of consumers and, more importantly, anticipate their decisions to adapt the services in real time and in a personalized way. The Big Data points companies beyond the facts: transforms the actions into predictions.
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Background

The term Big Data refers to all those datasets whose size exceeds the ability to search, capture, storage, management, analysis, transfer, display or legal protection of conventional tools. Under that name it also includes infrastructure solutions and models needed to extract value from these groups of information in the most economical way, fast and flexible as possible for intelligent decision-making (Lazer, Kennedy, King & Vespignani, 2014).

The data sets included under this concept are characterized also by its variety in both origin and formats; the speed at which they occur; and the veracity or implied to their nature and mode of use.

In essence, the Big Data enables intelligent study and exploitation of millions of bytes of information on all kinds of events and activities-from atmospheric variations to daily patterns of consumption -, produced, disseminated or stored through mobile phones, social networks or, for example, machines connected to the Internet of Things (Mian, Rao, & Sufi, 2013). In 2012, and in around two-year period, it is estimated that humanity had generated by these means about 2.5 zetabytes information, ie, the ninety percent of all produced throughout his history.

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