Anne Muriithi
Big Data Synopsis. The term big data describes the volumes of data generated by an enterprise, including Web-browsing trails, point-of-sale data, ATM records, and other customer information generated within an organization (Levine, 2013). These data sets can be so large and complex that they become difficult to process using traditional database management tools and data processing applications. Big data creates numerous exciting possibilities for organizations, but along with the possibilities, there are challenges. Managers must understand the pitfalls and limitations, as well as the potential of big data (Levine, 2013). One of the greatest potential for big data is knowledge management. The goal of knowledge management is the ability to integrate information from multiple perspectives to provide the insights required for valid decision-making such as where to invest marketing dollars, how much to invest, or whether to expand into a new geographic market (Lamont, 2012). In terms of knowledge management, three dimensions describe big data: volume, variety, and velocity (Lamont, 2012). Volumes mean breaking up huge amounts of the data, sending out subsets for analysis, and then regrouping the results to produce the output. Variety is a factor because many different types of data may be pertinent to an analysis. Velocity is a third factor associated with big data. Not only is there a lot of data, but also it comes in quickly and must be processed quickly. For many companies, data used to be an undervalued asset but today, data has become the representation of the ultimate challenge and opportunity for businesses to grow (Munford, 2012). Businesses can now collect data across different functions, from partners to suppliers and most importantly from their clients. New and better technology allows businesses to more effectively analyzed Big Data through a more sophisticated algorithm (Brown et al., 2011). In the world today, experts in different fields are struggling to keep up with an overwhelming sea of data. With this in mind, IBM created the IBM Watson. The Watson is an artificially intelligent computer that was built to mirror the same learning process that human’s have- through the power of cognition. “What drives this process is a
