But what is Big Data and how can you use it to grow your business or generate more profit?
Simply put,
big data is information. This information can be complex, dynamic, noisy,
structured and un-structured. It may also be corrupted or incomplete. It can be
found in databases, mobile devices, sensors, social media, blogs, websites,
smart-meters and financial systems. Traditionally we think of data as
measurable, being comprised of vectors- a string of numbers and coordinates.
But data from sources such as Twitter, Facebook, Google, CCTV data or even
court records look nothing like that and therefore researchers need new tools in
order to extract the useful information from this data.
This is where
a Data Hub comes in handy – as the technology can capture and analyse any data,
regardless of what type, how much, or how fast it is moving. Through unique
algorithms, data can be gathered and analysed and more informed decision made.
UniversityCampus Milton Keynes is working in collaboration with the Open University, BT
and Milton Keynes Council on creating a Data Hub for Milton Keynes. The
MK:Smart project, led by the Open University, aims to make Milton Keynes into a
smart city and UCMK is at the forefront of this with the Data Hub that will be
located at its city centre campus on Avebury Boulevard.
Already there
are examples of companies and organisations using Big Data to improve services
and performance. Germany’s national football team used Big Data to win the
World Cup in Brazil. For the German team, one of their key targets ahead of
the World Cup was to improve their passing speed.
Together with software company SAP, the German Football Association (DBF) developed an application called
Match Insights, which analyses vast amounts of data about members of the German
team and their opponents, based on their on-field performance.
The team was able to reduce
average possession time from 3.4 seconds in 2010 down to 1.1 second in 2014
with the help of big data analytics.
"SAP’s involvement has
transformed the football experience for coaches, players, fans, and the
media," Oliver Bierhoff, manager of the German national football team told
The Telegraph.
"Imagine this: In just 10
minutes, 10 players with three balls can produce over seven million data
points. With SAP, our team can analyse this huge amount of data to customise
training and prepare for the next match."
As well as enabling the German
team to analyse its own performance, Match Insights can help coaches and
players to identify opponents' strengths and weaknesses, and inform defensive
tactics.
The software can extract data
on individual players, and present it in the form of digital personas, so that
it is "as simple to use as their favorite video game", according to
Chris Burton, general vice president of global sponsorships at SAP.
The MK Data
Hub will curate and make available a variety of Big; Data sources to small and
medium sized enterprises in the Milton Keynes and surrounding areas. These will
include: local and national open data resources, data streams from key
infrastructure networks (energy, transport, water), relevant sensor networks,
satellite data and data crowd sourced from social media.
Another
example of how Big Data can be used by is how online dating agency, Match.com has
improved prospects for their clients.
Match.com
estimates that it has more than 70 terabytes (70,000 gigabytes) of data about
its customers. Applying big data analytics to the information their customers
willingly give when joining the sites is helping the agencies, in turn, provide
better matches for these same customers. More satisfied customers means more
profiles which means bigger profits.
For more
information about Big Data or to get involved with the MK:Data Hub visit UCMK website, MK:Smart or contact
Rajinder Sharma on: Rajinder.sharma@beds.ac.uk
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