Bigdata is a thing which involves treating of ways to analyze, systematically extract information from or deal with large data sets. The traditional data processing application software helps for the same. It includes capturing, storing, analyzing, searching, sharing, transferring, visualizing, querying, updating and providing information privacy to data. It involves three concepts: volume, variety and velocity. Later, veracity and value also became part of bigdata.
What you do with data revolves around importance of bigdata. We can take data from any source. Then analysis of this data takes place to find answers which enable:
- Reduction of cost.
- Reduction of time.
- Development of new product and optimized offerings.
- Smart decision making.
Some business related tasks gets accomplished after high powered analytics combines with bigdata. Some of these tasks are:
- Determination of root cause of failures.
- Generation of coupons for sale purpose.
- Recalculation of entire risk portfolios in minutes.
- Detection of fraud behavior which may affect the organization.
SOURCES OF BIGDATA:
- STREAMING DATA: It consists of data reaching to the IT systems. Network of connected devices of IOT sends this data. Analysis of data takes place when received. Then decisions about whether data stays or not takes place. And also decision about further analysis takes place.
- SOCIAL MEDIA DATA: It is attractive information for marketing, sales and support functions. It may be unstructured or semi structured. Hence it possess unique challenge when consumed and analyzed.
- PUBLICLY AVAILABLE SOURCES: Open sources such as US government’s data.gov provides massive amount of data.
DECISIONS TAKEN BY BIGDATA:
- How much amount of data required for analysis?
High performance technologies such as grid computing excludes no data. Selection of relevant data takes place for analysis.
- How to store and manage data?
Low cost options for storing data are available now.
- How to use any uncovered insights?
Good knowledge leads to good decisions for business. When data is abundant, a strategy comes into existence.
WORK DONE BY BIGDATA:
- Abundant and cheap storage.
- Fast processors.
- Open source distributed bigdata platforms that are affordable
- Parallel processing
- Cloud computing
- Banking- banks face with finding new and innovative ways to manage big data.
- Health Care
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