Big Data

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What is Big Data?

Big data is the ginormous amount of data that is generated by multiple sources such as mobiles, computers, machine sensors, social media and more. 2.5 Quintillion bytes of data are created every day. However, what’s more important is how organizations use big data and drive insights from it that lead to better decision and improved strategies.

Below 3 Vs of Big Data Defines it Further. 

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Volume

This is the amount of big data. In this context, volume of big data means the smaller granular parts of unique or crucial data that is used by organizations to analyze for business purposes. Data is collected from multiple sources such as business transactions, machine sensors, face book likes, twitter feeds, web pages, mobile apps and many more. Storing such huge data used to be an issue earlier however Hadoop has simplified this task. The task for big data is to convert the Hadoop data in to actionable information.

Velocity

Data is being generated at an overwhelming speed. In big data context, it means the speed at which the generated data gets captured and acted upon in real-time or near real-time. A good example of velocity: It is estimated that twitter users are generating 100,000 tweets in every 60 seconds. On top of this, there are more that 700,000 posts on Facebook and more that 100 million emails every minute. This deluge of data might be crucial to some organization but the big data success lies in the speed of acting upon the data so received.

Variety

Data is available in multiple formats, structured and un-structured. A good example of structured data is the numeric data in the traditional database whereas un-structured or semi-structured data comprises of audio, video, emails, financial transactions and more. For big data to be useful, organizations need to analyze these data types in real-time or near real-time to take profitable decisions and improve bottom line.

There is 1 more V of big data put forth by few organizations:

Value

Data is available in abundance but what is more important is the kind of value every set of data carries. Big data help in deriving value by offering various investigative and quantitative techniques. From customer sentiment, location based product or service placement to any default or fail rate of a machine can be derived. Another big data challenge is the human one, the knowledge of its users, the ability to discover patterns from big data and asking the right questions. We are evolving again.

Big Data Facts


7 Billion Hours Of Videos Are Watched Per Month On YouTube.

300 Hours Of Videos Uploaded On YouTube Every Minute.

3 Billion Hours Of Videos Viewed On Facebook Each Day.

16 Minutes, An Average User Spend On Pinterest.

6000 Number Of Tweets Per Second Worldwide.

435,23,045 Average Followers Of Top 10 Celebrities On Twitter

70 Million Photos And Videos Are Shared On Instagram Every Day.

31,25,000 Likes On Facebook Per Minute.

2,43,055 Photos Are Uploaded On Facebook Every Minute.

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What Makes Big Data Unique?

Big data enables the use of latest technology, skills and processes for the organization’s information architecture and its business users. Big data has a different approach towards the data architecture compared to that of traditional information architecture. In big data, data can be captured without a pre defined data structure, this quality makes it flexible and easy to store. Data outcome and quality improves when big data is combined with the traditional data. The volume of big data always increases giving organizations more power and insight.

What is the importance of Big Data?

Big data opens a whole new world of possibilities for organizations. Business users can get answers to all their questions, new opportunities can be explored, processes can be expedited, cost can be reduced, time can be saved, new products can be introduced to the market quickly and existing products can be improved, sales opportunities can be exploited, smart decisions can be made. Its not the volume of data but how it is used makes the difference. By using smart analytics for big data, organizations can experiment different ways to keep customer happy and improve profits.

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How organizations benefit from big data?

Banking

Banks are inundated with huge amount of data from multiple sources. Big data if analyzed in real-time and efficiently can help banks to uncover hidden risks in their offerings, adhere to regulatory compliance, provide better services, and ensure customer satisfaction. Big data comes with big insights but to drive value from big data, you need a smart analytical tool.

Government

Big data holds critical significance in government agencies. Government can leverage big data to gain insights into public affairs, better manage transportation and traffic, manage utilities, take care of environmental norms, ensure public safety and more.

Manufacturing

Big data if harnessed optimally can improve the over all manufacturing process. Many manufacturing companies are already using big data to increase the yield, reduce wastage, improve quality, ensure timely delivery of products and improve customer satisfaction.

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Education

Education in knowledge and knowledge is big data. Big data can help educators to identify students that are at risk, incept improved evaluation for teachers, point out the gaps in teaching methodologies and ensure proper student progress.

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Health Care

Healthcare providers need to stay ahead of their game to ensure better patient care, satisfaction and outcome. They need to adhere to stringent policies and work efficiently under stressful circumstances. Patient records, prescriptions, and treatment plans and history need to be kept updated and handy. Big data can help healthcare providers improve efficiency in all the above areas and ensure patient satisfaction.

Retail

Retail industry is witnessing a paradigm shift in the way it does business. Big data goes a long way in simplifying day-to-day retail operations, get lost customer back, attract new customers, understand customer behavior and help produce offerings as per customer preferences. Big data also helps in identifying the gaps in retail operations and help them rectify in real-time.

 

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