Saturday, April 4, 2020

The Big Data Revolution


Big data describes a large volume of data both structured and unstructured which helps a business to move on a day-to-day basis. Gathering the data is not important, but what the organizations do with the data that matters most. Big data is analyzed for problem-solving that leads to better decisions and strategical business moves.
Big data surrounds around the large sets of information that grow at increasing rates. It covers the volume of information, the velocity or speed at which it is created and collected at a steady or viable rate, and the variety or scope of the data points being covered. Big data often comes from various sources and arrives in multiple formats. The definition of big data is divided into three V's:

Volume: Organizations collect data from a variety of sources, including transactions, smart devices, industrial equipment and more. In the past, storing was a problem, but cheaper storage on platforms like lakes and Hadoop have eased the burden of cost.
Velocity: With the growth in the IoT, data streams into businesses at an unmatched speed and must be handled in a timely fashion. sensors and smart meters are driving the need to deal with these events of data in near-real-time.
Variety: Different type of data format in today’s world are – from structured data, numeric data in traditional databases to unstructured text i.e. documents, emails, videos, audios, stock data, and financial transactions.

The term ‘Big Data’ has been coined since the early 1990s.
Big Data has been picking up the pace over the decade. Over the course of centuries and as time rolled by, we have been trying to use data analysis techniques to ease their decision-making process. The ancient Egyptians around 300 BC already tried to capture all existing ‘data’ i.e. information in the library of Alexandria. Moreover, the Roman Empire used to carefully analyze statistics of their military to determine the optimal distribution for their armies in the battlefield to get an upper hand.
However, in the last two decades, the volume and speed with which data is generated and changed the world has changed beyond measures of human thinking. Even with the most advanced technologies today, it is impossible to analyze all this data within human reach. Big data has brought a revolutionary change in the new world.

Why is Big data important?
Answering important customer questions.
  • What customers want in a day to day basis
  • Where they’re missing out on daily conversions
  • Who their best customers are 
  • Why people choose different products keeping their products aside
  • Every day, companies gather more useful insights into their sales and marketing questions, so they can begin to adjust their client’s campaigns. The more they learn about their customers, the more competitive company becomes. 


Optimising & Understanding Business Process



Big data technologies like cloud computing and machine learning help’s us to stay ahead of the curve by identifying inefficiencies and opportunities in company practices. 
For instance, big data analytics can tell us that how our email marketing strategy is working, and social media profiles aren’t reaching to the right people. On the other hand, if  using big data internally, we can find out which parts of your company culture are having the right impact, and which maybe causing a turnover.

Giving us a detailed analysis
Big data-based applications help’s big data analysts, data scientists, predictive modelers, statisticians and other analytics professionals to analyze growing volumes of structured transaction data.

Big data in today’s world

Most organizations use big data for their business. They understand the need to utilize the data and extract values from it.
  • Machine Learning: the concept is applied to huge quantities of data.
  • Health Care & Big Data: big data has a lot of scopes and no other than healthcare can take advantage of it.

In the end, one can say that industries are on fire with the data eruption. No sectors have remained untouched from the technology. It has deepened inside each business and become an essential part of business operations.
Nowadays, businesses are focusing more on innovative ideas rather than stability. And big data analytics has allowed us to stay updated with all the changes in business dynamics and give them a competitive edge by predicting future trends in the market.

Big Data Applications & Examples

Big Data Implementation in the Fast-Food Industry

Image Credit: ubuntupit

The farmer enters soil test results and planting and harvesting data into a database used by the software program.  Weather information for the immune growth cycle of the crop is also entered into the database. The rate of precipitation and temperatures can be automated.

Banking Sector

Image Credit: bigdata-madesimple

We keep our valuable properties in the bank for ensuring security for those items but a bank has to go through a lot of strategies and security protocols to keep your wealth safe and well maintained. In banks, big data is being used for many years for analysis purpose, from cash collection to financial management, big data is making banks more efficient and trustworthy in every sector.

Casino Business

Image Credit: analyticsinsight


Casino Business is profitable once they start operations with proper and security establishments. It is important to focus on the decoration and interior design to attract the people, primarily the gamblers. But the most important thing is maximizing profit where big data can play the most critical role in the analysis.

Restaurants

The restaurant industry is focusing on using data-based analytics applications more and more to establish a place in the existing market. If we consider the restaurant business industry, we can see a lot of competition and struggle that a restaurant has to face to be there in the market to keep up the pace.

Big Data in Media & Entertainment

    
Media companies and entertainment sectors need to drive digital transformation to distribute their products and contents as fast as possible at the present market to keep up the competition. The availability of searching and accessing any content anywhere with any device becomes a huge practice

Conclusion

The field of Data Science and Big Data analytics seems like a promising path for our upcoming future., from twitter to Facebook, their background backbone is data analytics.
The change that Big Data has brought about is how often we record data, how much of it we can keep, and how we use and analyze that data for our benefit.

Author: Suvajit Bhattacharjee (26300116041)
College: Regent Education and Research Foundation

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