Saturday, 8 July 2017

Big Data Overview

Big data is defined as the data which is too large or complex in nature. It’s also described as the collection, processing and availability of huge volumes of streaming live data in real-time. The traditional data processing techniques are inadequate to process it.

By using Big Data, companies can understand and analyze the business concepts and thereby able to take better decisions and strategies for development of the firm.

Big Data Categories

Big data comes from various devices and their applications. Explained below are some of the methods through which big data can be extracted:
Search Engine: Search engines grab a large volume of data from different sources of database.

Social Media: 
Data gathered through Social networking sites like Face book, Twitter, Google Plus. It contains the information and comments posted by millions of people around the globe.

Stock Exchange: 
It has information about the ‘buying’ and ‘selling’ decisions regarding share between different companies and the customers.

It includes the data on vehicle model & type, capacity, distance and availability of a vehicle.

Black Box: 
It is incorporated by flights, which stores a large amount of information like the conversation between flight crew members and other communication centers such as ground duty staff.

Power Grid: 
The power grid data stores the information consumed by a particular node in a base station.

The Importance of Big Data

There are several significances for Big Data which can solve and rectify many issues in businesses, like below:
  • To take smart and wise decision
  • For the development of a new product
  • To announce the best and optimized offers
  • To reduce cost
  • To reduce time and duration

Big Data Advantages:

  • It’s relevant
  • It’s accessible
  • Big Data is authoritative
  • It’s up-to-date and actionable

Big Data Analytics

While checking big data with high-powered analytics tools, great results can be obtained which can re-draw the business strategy like:
  • Identifying the root cause of failures and defects.
  • Understanding the customer’s habit of buying more clearly
  • Improving consumer engagement and loyalty
  • Calculating the total risk portfolios quickly.
  • Detecting and finding out any suspicious behavior at the earlier stage.

Who uses the Big Data Technology?

  • Banking sectors
  • Government organizations
  • Education centers
  • Health Care sectors
  • Manufacturing units
  • Retail sectors

How businesses are utilizing Big Data?

Big Data is converted into small piece of information. Then business enterprises can analyze and identify what their customers’ need, which products are fast moving in the market, methods to reduce cost etc., Likewise, the Big Data offers big benefits for business enterprises and hence there is a great demand for it in the business world.

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