What is big data?
There is no rigid definition for " Big data". It is an all-inclusive term which refers to the voluminous amount of structured and unstructured data that is so big that it’s difficult to process using traditional database and software techniques. In business terms, Big Data refers to the technology that an organization can adapt to extract meaningful information. This information is owned by a company, which can be collected, organized and analyzed to produce business intelligence and value in the best possible way.
Big Data has the potential to change how an organization, a government and an institution perceive and use the data.
Where does it come from?
“ Big Data” is generated by everything that is around us at an alarming velocity, variety and volume. It has created an explosion in all the corners of the business world.
It is not created by an IT vendor. Then where does it come from? It comes from us. We are the Creators. The consumer demand to do things digitally has triggered small and large scale businesses to move more and more their functions online.
Though Big Data is generated from multiple sources, the three main varieties to which they are boiled down to is –
- Transaction data – data generated from financial order (invoice or payment), activity records and logistics (deliveries, storage record or travel record).
- Machine data – data generated from industrial equipment, real time data from sensors (sensors embedded in roads to monitor traffic) and web logs.
- Social Data – data generated from social media sites like Facebook, Twitter, Linkedin, online videos etc.
These repository sites are merely the venues where our content lies. Without us the big multibillion dollar organizations could not exist (also consider checking out this perfect parcel of information for data science degree).
We own “Big Data”
We are the pillars of their Big Data. That’s why many small and large companies attract fickle people by introducing new and competitive sources for data generation. They try to innovate and extend services to survive in this hypercompetitive world. Their big data future is in our hands. So they must pamper us for creating more content leading to big capital gains.
The Big Data Market
The biggest challenge of big data is to convert and use the data.
Due to traditional relational databases the analysis of the big data takes too much of time and cost. Many companies and certified professionals are trying hard and looking for solutions (also consider checking out this career guide for data science jobs).
New analyzing schemes are introduced that use complex algorithms to analyze and unlock the hidden patterns. Big Data Analytics breaks the data into smaller chunks for efficient processing. It is associated with cloud computing and require complex platform like Hadoop to store the high volume of data. The analytic findings lead to new business opportunities and benefits.
It is typically a separate division in an organization with people of different breed – highly qualified DBA’s and certified Business intelligence professionals for extracting the meaningful information and insights. With greater access to big data more valuable information can be derived with leads to wider improvement of an organization.