Will Big Data Change How You Use Social Media?

Posted By: ASK  Posted date: October 11, 2017  In: Bottom Line IT, Social Media  No Comments

Big DataWhat is big data? How may it change how you use social media? Erik and Mike discussed what big data is and whether its impact on social media may affect things like life insurance policies and loans.

Big data is exactly what it sounds like: massive volumes of data. Due to all the devices we have and the applications we use, enormous amounts of data about ourselves flowing everywhere. Some of this data is structured; things at work that is in databases that used for applications and the other data is unstructured. This unstructured data is from social media; Facebook, Twitter, Instagram, etc. This is real-time information about you that is constantly being collected. The data is then run against algorithms that produce actionable information for businesses and consumers.

How Business Intelligence and Big Data Affects You

Business intelligence and big data have both benefits and drawbacks for consumers. For example, say you are in the market for a life insurance policy. You are young and in good shape so you are surprised to see you are declined. Big data has allowed the insurance company to look at your social media and see that you eat at Taco Bell daily. They have access to your Fitbit data and see that you do not work out as much as you should.

On the bright side, big data allows for advancement.  Information that you search for will be saved. If you are in the market for a new car, your preferences will be saved and you will be notified of good deals.

Learn To Use Social Media Safely

 The average consumer has limited knowledge about big data or how companies gather and use their information. As we learn more about this, we may see a change in internet safety. In the meantime, we don’t have a choice. User education needs to be the top priority and what is posted on social media needs to be carefully considered in order to avoid challenging situations.

You can listen to the segment here:

 

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