big data - what? why? & how?
TRANSCRIPT
Big DataWhat? Why? & How?
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INFOSOLUTIONS
What is Big Data?
Big Data can be described as huge chunks of structured and unstructured data that is hard to interpret. It’s simply a mechanism to gain insights and meaningful data values from large data sets, which ultimately leads to better understanding of business progress and aids in taking better decisions.
History of Big Data
The process of transforming raw data into meaningful information has been followed since ages. In early 2000s, a proficient analyst Doug Laney explained the growing nature of data as the three Vs, Volume, Velocity and Variety.
Volume. The quantity of the data produced and stored.
Velocity. In this context, the rate at which the data is being produced and processed to meet different business challenges.
Variety. The type of the data produced.
History of Big Data
The data has grown exponentially in the last few years making it difficult to manage and analyze, which gave birth to the term
‘Big Data’.
History of Big Data
The Four Additional V’s
While devising a Big Data strategy there are some additional parameters (some additional V’s), which require your critical eye. Here, we list the same.
Veracity Variability Visualization Value
The Four Additional V’s
Veracity. You need to be accountable for the data being produced, stored and analyzed by the analysis team for organization’s growth, prosperity or hardship.
Poor Accuracy
Good Accuracy
The Four Additional V’s
Variability. It is the core in performing analyzes. Algorithms should be good enough to comprehend the entered data and produce meaningful insights.
0.5 1 1.5 2 2.5 300.5
11.5
22.5
33.5
More Variability
Less Variability
The Four Additional V’s
Visualization. Huge chunks of complex data rendered into the simplest form with plenty of variables to work with. Not the regular graphs or pies but a graphical representation of compound data.
S1 S2 S3 S4012345
AB
C
A B C
The Four Additional V’s
Value. Big data churns the existing raw data sets into useful information that adds value to the business in the process of decision making and future strategy moves.
Importance of Big Data
No matter how much data is stored inside the data banks unless it’s managed, sorted and analyzed to meaningful information. This is where Big Data comes into picture helping organizations to achieve the following,
Optimum Funds
UtilizationTime
ManagementBetter Decision
MakingSmart Business
PlansOptimized Resource Utilization
Importance of Big Data
The benefits come in a flurry especially when Big Data combines with analytics. Here are some of the benefits you can reap after sowing the seeds of Big Data analytics.Real-Time Bug Identification
Improved Customer Analysis
Effective Risk Management Reduction in Frauds
How It Works
Streaming Data Social Media Channels Publicly Available Sources
The benefits come in a flurry especially when Big Data combines with analytics. Here are some of the benefits you can reap after sowing the seeds of Big Data analytics.
How It Works
How to store and manage it? How much of it to analyze? How to use any insights you uncover?
Once the data sources are identified, data gets processed to yield consequential results that actually makes sense. This includes:
What should be your last move?
Consider technologies or tools for Big Data Analytics keeping the following factors in mind:
Affordable yet effective Massive storage capacity Fast processors Parallel processing,
clustering, MPP, virtualization
High connectivity and high throughputs
Cloud computing Flexible resource
allocation arrangements Popular tools like Hadoop
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