Sharing Economy and Big Data Analytics

5Beyond the Word “Big”: The Changes

“Data! Data! Data!” he cried impatiently. “I can’t make bricks without clay.”

Arthur Conan Doyle (1892)

5.1. Introduction

For a long time, companies did not see the importance of data. But now, with the change in the way data is collected and analyzed, companies are coming to use it on a daily basis.

The power of data and the potential of analytics, as well as the resulting opportunities, have changed the way companies view data.

The way in which data, that is generated from various sources and different forms and formats, is collected, analyzed and interpreted, becomes an intrinsic and essential element of the company’s various operations, because it is what makes it possible to carry out and operationalize the company’s various activities. Currently, data are what companies are examining more closely than ever before.

Each company, be it large or small, manages a considerable amount of data. Sometimes, they are able to manage this data using different automated analysis tools. However, when data cannot be analyzed by traditional tools, it is time to think about Big Data and analytics.

Big Data – the term you’ve probably heard on television, read in magazines and newspapers or even heard in conferences and seminars – is more than just a buzzword. This new term is used by all managers and decision-makers, and is the subject of entire conferences.

Several companies have taken advantage of the opportunities offered by this exciting and fascinating ...