IM VL1

• economy is highly dependent upon the collection, storage and exchange of information
• many businesses aggregate and sell information (examples?)

• agricultural age – industrial age – information age
• information becomes a key strategic resource

• Sense what is happening in the external environment and respond accordingly through their strategy and tactics
• Research demand for new products
• Monitor and control operating processes for efficiency and improve them to save time or money
• Exchange information with partners such as suppliers as part of their operational processes
• Communicate messages about brands and products internally and externally

• documents can be copied in limitless numbers at no cost
• word processors facilitate creating of new content
• publishing of new information is accessible to anyone

=> lots of information that did not exist in the past

• attention deficit trait
• decreased intelligence of knowledge workers
• reduced productivity on days when work is fragmented by interruptions

• pro: value,
• contra: volume and complexity
• Counteract information overload by improving its quality
  • “fit for purpose”, i.e. relevant to the specific needs of individuals

• Aggregating – summing up individual data items
• Summarising – preparing an abstract or technical report
• Filtering – removing less relevant info
• Alerting – sending messages to alert to a newsworthy piece of information

a global network of machines and devices capable of interacting with each other

• Applications
  • monitoring and control
    • equipment performance, energy usage, environmental conditions, health sensors; “smart home”
  • information sharing and communication

• Challenges
  • data management, data mining, privacy, security, chaos

Big Data

• gain intelligence from data and translate that into business advantage
• Booksellers in physical stores
  • could track which books sold and which did not
  • could tie some purchases to individual customers
• Online booksellers can track what customers looked at
  • how they navigated through the site
  • how much they were influenced by promotions, reviews and page layouts similarities across individuals and groups
  • developed algorithms to predict what books customers would like to read next

Big data refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze

Volume

• as of 2012, about 2.5 exabytes of data are created each day, and that number is doubling every 40 months
• Data volume doubles every 18 months, with 85% of that data contained in business domains
• 30 billions pieces of content shared on Facebook every month

Velocity – the speed is even more important than the volume

• (nearly) real‐time data, “data in motion”

Variety

• raw, semi structured, unstructured data
• messages, updates, images posted to social networks, readings from sensors, GPS signals from cell phones