Lecture 10: Big Data Lecture
Is this ok for Target to do?
It's ok... - Not illegal - Do whatever is legal for profits - Utilizing resources to study trends It's not ok... - Basic invasion of privacy - Unethical to put profits over people
What are the pros and cons of Walmart's Big Data?
Pros: - Predict demand - Interpret customers' needs - Reduce costs for company - More efficiency Cons: - Requires training - Picky recruitment - Capital intensive - Too much data: how do we figure out which data is relevant?
What is "Big" data?
- Big data isn't a new concept recording data has been with us forever since people started recording info on rocks - Large amounts of data that can be analyzed and used towards one's advantage
What is the role of a CIO with an organization? Why has the role received prominence in recent years?
- CIO is a Chief Information Officer - Managers a business's IT system and all the function surrounding - Responsible for protecting data from outside parties
Moral implications of "Big Data"
- Can be seen as unethical due to tracking a tendency of consumers
Why would Disney invest in this kind of technology? (Magic bands)
- Can see how many people want to do all these things - How people are moving around the park - Allows Disney to analyze demographics and link to tendencies - Credit card link shows what purchasing tendencies are
Examples of "Big Data"
- Facebook and Youtube algorithms - Youtube algorithms track what you like watching and suggest videos that are similar - Brick and Mortar stores track purchases, salespeople try to advertise what you are looking for - McDonalds sends you coupons in the mail for sandwiches you like
Target's use of "Big Data" Background Info
- Target had created a model that could figure out which shoppers were pregnant just by studying shopping habits - Pregnant woman overbuy lots of supplies - Target noticed that pregnant woman bought large amounts of lotion - Target put together data that allowed them predict if someone was pregnant - Only problem, Target couldn't let on how much of people's lives they knew about
How did Target solve this ethics problem?
- They started mixing advertisements that were random within the baby advertisements - Completely worked and sales skyrocketed, less learned that habits matter
Use of Data in the Corporate Environment
- We can now collect and analyze data in ways thought impossible - Data does not equal information - Smartphone acts as a... a. GPS b. Barometer c. Accelerometer
