Big Data Overview
Using data to predict future trends, behaviors, and outcomes through analysis, algorithms, and machine learning.
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
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
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.
How organizations benefit from big data?
Banking
Banks receive vast amounts of data from various places. This big data, when analyzed quickly and effectively, can help banks find hidden risks, follow rules, offer better services, and keep customers happy. Big data holds valuable insights, but to use them, banks need smart analytical tools.
Government
Big data is crucial for government agencies. It helps them understand public matters, improve transportation and traffic management, handle utilities, meet environmental regulations, and enhance public safety. By analyzing big data, governments can make informed decisions and improve services for citizens in various aspects of daily life.
Manufacturing
Big data, when harnessed optimally, can significantly enhance the manufacturing process. Many companies utilize big data to increase yield, reduce wastage, improve quality, ensure timely product delivery, and enhance customer satisfaction, driving overall efficiency, competitiveness, and ensuring sustained business success and growth.
Education
Education generates a lot of information, like big data. This data can help teachers find students who need help, make better tests, see where teaching methods need improvement, and track student growth. Big data can make education better by showing what’s working and what needs to change.
Healthcare
Healthcare providers need to stay ahead of their game to ensure better patient care, satisfaction, and outcomes. Adhering to policies and working efficiently, they manage stressful situations. Patient records, prescriptions, treatment plans, and history need to be kept updated. 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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