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BIG DATA



Big Data describes the large volume of data. Both structured and unstructured, that cannot be managed in the day- to- day basis. It is not the data that is important. It is what the organizations do with the data matters. Big Data can be analyzed for insights that lead to a better decision and strategic business moves.
An industrial analyst Doung Lancy explains Big Data as 3Vs
  • Volume: Organizations collect data from a variety of sources, including business transactions and social media and information from a sensor or machine-to-machine data. In past storing, such large data was a problem but new technology like 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 need to deal with torrents of data in near-real time.
  • Variety:  Data comes in all type of formats, from structured, numeric in the traditional database to unstructured. text documents, emails, video, audio and financial transactions.

Additional Dimensions of Big Data

  • Variability: In addition to increasing velocities and varieties of data, data flows can be highly inconsistent with periodic peaks. Dialy seasonal and event-triggered peak data loads can be challenging to manage. Even more so with unstructured data.
  • Complexity: Data comes from multiple sources and it is difficult to link, cleanse and transform data across the system. It is necessary to connect and correlate relationships, hierarchies and multiple data linkages or the data can be quickly spiral out of control.

Importance of Big Data

The importance of big data doesn't resolve how much data you have, but what you do with it. You can take data from any source and analyze
it to find the answer that enables
  1. Cost Reductions
  2. Time Reductions
  3. New product development and optimized offering
  4. Smart decision making
When big data is combined with high power analytics it can accomplish business-related tasks such as
  • Determining the root causes of failures, issues, and defects in the near-real time.
  • Generating coupons at the point of sale based on customer's buying habits.
  • Recalculating entire risk portfolios in a minute.
  • Detecting fraudulent behaviour before it affects your organization.

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