What Is Big Data?
Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
The Features of Big Data
Volume
Organizations collect data from a variety of sources, including business transactions, social media and information from sensor or machine-to-machine data. In the past, storing it would’ve been a problem – but new technologies (such as Hadoop) have eased the burden.
Velocity
Data streams in at an unprecedented speed and must be dealt with in a timely manner. RFID tags, sensors and smart metering are driving the need to deal with torrents of data in near-real time.
Variety
Data comes in all types of formats – from structured, numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions.
Why Is Big Data Important?
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable cost reductions, time reductions, new product development and optimized offerings, and smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:
- Determining root causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customer’s buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behavior before it affects your organization.
Who uses big data?
Big data affects organizations across practically every industry. See how each industry can benefit from this onslaught of information.
Banking
With large amounts of information streaming in from countless sources, banks are faced with finding new and innovative ways to manage big data. While it’s important to understand customers and boost their satisfaction, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay one step ahead of the game with advanced analytics.
Education
Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, make sure students are making adequate progress, and can implement a better system for evaluation and support of teachers and principals.
Government
When government agencies are able to harness and apply analytics to their big data, they gain significant ground when it comes to managing utilities, running agencies, dealing with traffic congestion or preventing crime. But while there are many advantages to big data, governments must also address issues of transparency and privacy.
Health Care
Patient records. Treatment plans. Prescription information. When it comes to health care, everything needs to be done quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations. When big data is managed effectively, health care providers can uncover hidden insights that improve patient care.
Manufacturing
Armed with insight that big data can provide, manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market. More and more manufacturers are working in an analytics-based culture, which means they can solve problems faster and make more agile business decisions.
Retail
Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things.
How Big Data Works
Big data gives you new insights that open up new opportunities and business models. Getting started involves three key actions:
Store
Big data requires storage. Your storage solution can be in the cloud, on premises, or both. You can store your data in any form you want and bring your desired processing requirements and necessary process engines to those data sets on an on-demand basis.
Integrate
Big data brings together data from many disparate sources and applications. During integration, you need to bring in the data, process it, and make sure it‘s formatted and available in a form that your business analysts can get started with.
Analyze
Your investment in big data pays off when you analyze and act on your data. Get new clarity with a visual analysis of your varied data sets. Explore the data further to make new discoveries. Share your findings with others. Build data models with machine learning and artificial intelligence. Put your data to work.
What can we offer you?
We leverage our rich Big Data knowledge, advanced Analytics techniques, and Technology tools to help you build your Big Data Platform. Using a combination of the latest data mining techniques and machine learning technology, we are able to provide insight into all aspects of business operations. Our predictive analytics solutions ensure that you are well-equipped to cope with high volumes of streaming structured and unstructured data and enable accelerated and accurate real time decision making.
here are some technology stacks we used in Big Data Platform and Big Data Analytics. Please contact us for more details.
