BIG DATA- HOW IT MATTERS?

What is Big Data?

               Big Data, the large volume of information collected by the organizations through different medium that overpowers its day to day needs and taking appropriate decisions. Big Data has a large impact in today's business world by building data, data integration, better strategic moves and evolving analytics eco systems.
              The data collected through various sources like social medias, business transactions, questionnaires, medical devices, customer data can be stored in both structured and unstructured forms. The properties of Big Data are defined in 3V's

• Data Volume - It shows the size and depth of the data collected from different sources and is stored in Hadoop and Data lakes.

• Data Velocity - It shows the speed in collection and processing of the data through RFID tags, sensors and IoT devices within near to real time.

• Data Variety - It defines the format of the data collected like videos views, social media shares, financial transactions, emails, reactions, audios, google searches and texts.  

5 key steps in Big Data

1. Setting a strategy - Designing a plan on how to manage and use the data in the organization.
2. Identifying the sources - Accessing the data through different mediums like publicly available data, data from IoT, medical records.
3. Processing the data - Integrating and verifying the quality of data, and formulating the data for analytics.
4. Analyzing the data - Analyzing using in-memory analytics, AI.
5. Making appropriate decisions - Based on data, the companies can make better decisions and perform profitably.

                     

                The goal of Big Data is to find solutions enabling cost and time reductions, targeting audiences, smart decision making, advance business intelligence and boost productivity, and it also resolves the tasks like fraud detection, finding out the reasons for failure, recalculating portfolios and minimizing risks in the organization.

           

References

1. Insights, S. and Insights, B. (2020). Big Data: What it is and why it matters. [online] Sas.com. Available at: https://www.sas.com/en_ie/insights/big-data/what-is-big-data.html#technical [Accessed 26 Jan. 2020].

2. SearchDataManagement. (2020). What is Big Data and Why is it Important?. [online] Available at: https://searchdatamanagement.techtarget.com/definition/big-data [Accessed 26 Jan. 2020].

3. Investopedia. (2020). The Deal With Big Data. [online] Available at: https://www.investopedia.com/terms/b/big-data.asp [Accessed 26 Jan. 2020].