MINOR IN BIG DATA:

BUSINESS INTELLIGENCE AND BIG DATA ESSENTIALS

Essay Introduction to Big Data

BY:

Angélica María Yanet Colina, (ayanet@student.eae.es)

PROFESSOR:

Johannes Patrick De Jong, (patrick.dejong@campus.eae.es)

Madrid, 2024
Write a short essay (max. 500 words) on the following:

Big Data is changing our world at full speed, and with ups and downs. With these issues
related to our privacy start to occur. As examples we have seen cases where we accept
with total naturalness terms and conditions of App's that we have not even read or
simply do not understand. What do you think should be the future? Should everything
be allowed and permitted (the end point and result justifies the means)? What should
be the path forward?

The arrival of Big Data has had a transformative impact in the world. It has reshaped
industries, influenced our daily lives, and altered our perception of privacy. The concept of
Big Data, characterized by the 5 V’s (volume, velocity, variety, veracity, and value) has been
progressively incorporated into different sectors, including finance, human resources, and
urban planning. As we journey through this era of unprecedented data growth, a question
emerges: ¿What path should we take regarding privacy and ethics of data usage?
To begin with, the Internet of Things has resulted in an explosion of data production.
Everyday objects are connected to the internet, continuously collecting, and sending data.
This connectivity offers immense benefits, such as the development of smart cities, where
data aids in optimizing resources, reducing costs, and improving people’s lives. However, it
also presents significant privacy challenges. With devices constantly collecting personal
information, the risk of abuse and unauthorized access to this data is a serious concern.
In the field of human resources, Big Data is revolutionizing how companies manage talent.
From predictive analytics in hiring to performance management, the use of Big Data can lead
to more informed decisions. However, this also raises ethical questions about employee
surveillance and the possibility of discriminatory practices based on insights derived from
data analysis.
The finance sector has also been profoundly impacted by Big Data. Financial institutions
utilize an immense amount of data for risk management, fraud detection, and personalized
customer services. While these advancements have enhanced efficiency and customer
experience, they also present risks related to data security and financial privacy.
As we look to the future, several predictions highlight the challenges and opportunities ahead.
The continued growth of data volumes and the rising trend of data-as-a-service business
model indicate that data will increasingly be a commodity. This process of turning into a
commodity, coupled with the rise of algorithm markets, emphasizes the need for robust data
governance and ethical frameworks.
Furthermore, the anticipated privacy challenges and the shortfalls in personnel in Big Data
sectors need a proactive approach. Companies are expected to designate Chief Data Officers
to manage these challenges effectively. Moreover, the movement towards “fast data” and
“actionable data” emphasizes the need for real-time processing and the ability to quickly
obtain insights, making data not just big, but agile and applicable. Another approach can be
the incorporation of gamification in data management and analysis. This can enhance user
engagement and understanding, making data more accessible and less intimidating. This
strategy can also help in educating users about data privacy and the implications of sharing
personal information.
In conclusion, the future of Big Data should no be a trade-off between innovation and privacy.
Instead, it should be a balance path where technological advancements and data utilization
are aligned with strong ethical standards and privacy protections. As we embrace this data-
driven era, it is essential to cultivate a culture of transparency and responsibility, ensuring
that the benefits of Big Data are realized without compromising individual privacy and
security.