Sources of “big data”:
- Transactional databases (e.g. financial, travel, energy, etc.)
- Social media
- Sales & logistics
- Audio/Video
- Internet of Things (M2M)
Opportunities presented by Big Data:
- Radical transparency (data is widely available to divisions, customers and stakeholders alike)
- Test decisions: experiment with alternative strategies
- Create widespread customization: even personalization (A different product for each customer)
- Use data to replace/augment decision making for many front-line tasks
- Identify and create new business models
Challenges presented to Organizations:
- Size the opportunities and threats
- Identify data resources and gaps
- Align the company around strategic choices over which “data trails” to follow
- Understand the organizational implications
Issues involved with “big data”:
- A shortage of talent: data scientists, statisticians, data mining (machine-learning) expertise are in short supply
- Constraints on personal information: the challenge of balancing privacy with convenience for users who are both producers and consumers of big data
- Challenges to cybersecurity: losing large volumes of highly confidential data to hackers, competitors, others
sunilmaulik 
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