What's Up Big Data?
Have you ever wondered how a shopping
app or the website say eBay or Myntra, suggest the products you actually
like?
It really is mind-blowing! This system
of recommendation is really helpful for searchers or potential customers.
But do you know the
latent the magic behind the trick of these suggestions?
Let's reveal the unknown masterpiece
behind the same, it is called BIG DATA ANALYTICS.
Does the term sounded too technical and
made you perplexed? Don't worry, let this article help you solve this tricky
puzzle.
WHAT IS BIG DATA?
To put the same in easy words, “big
data can be referred to a data which is- large, fast, complex, difficult
or impossible to store by the use of traditional methods say record books.
The concept was popularised when an
industry analyst Doug Laney articulated the now-mainstream explanation of big
data via the logic of the three V’s:
Volume:
An Organization piles up data by the
use of various sources. To name a few- Business transactions, Smart
(IoT) devices, industrial equipment. Storing data has always been a
hectic process. There were few apps that had significantly reduced the burden
of the above problem. For example- data lakes and Hadoop
Velocity:
The Internet is a magical book, where
you can get an answer to anything. It has thus, become a required need to
manage the same.
FACT- data streams in businesses
have increased at an unprecedented speed. Which arose the need for handling the
same.
In addition, RFID tags, sensors and
smart meters are pushing towards the value to deal with huge torrents of
data in near-real-time.
Variety:
As discussed before, data isn't
classified or narrowed down to any type or form. It exists in all variety
of formats - Structured, Numeric data in traditional
databases, Unstructured text documents, Emails, Stock ticker
data, financial transactions
INDUSTRIES AND BIG DATA
Medicine
This the industry relies on big data to
specialize in the equipment needed to track vital signs, coordinate with
procedures, and diagnose the disease/ infection. The analytics tools are a
source of great assistance in improving health in many ways.
For example- public health
departments critically analyze the data and analytics in order
to prioritize food safety inspections which are at-risk
facilities. Researchers keep on scrounging to find data that can
reveal the places with the most significant disease patterns. The
analysis stands as a pillar to hospital managers in reducing waiting times and works
on care facilities. The patterns drawn prescribe recommendations as
to progress with the procedure.
Construction
Construction firms make a plan which
includes expenses on materials, the average time for completing the specific
task, and much more. It can be clearly seen, how data analytics has become
a vital part of the industry. Moreover, construction professionals
also consider the field service metrics- Attrition, Lifetime values
of clients, Rates, and revenue The result - a clear portrayal
of what metric would work and which service needs improvement.
Various projects have the incorporation
of sensors in buildings and bridges. It helps the accessories to store data and
revert the same to people for analysis.
PROS
Storage: It has provided an option to store all kinds of data in a manageable and informative manner. The same covers fields such as financial trading, sports, polling, law enforcement, etc.
Fraud Detection: The analytics feature of big data which is processed through machine learning has become excellent at detecting and analyzing various patterns and anomalies.
Example- Banks are able to keep insight
into the payments or any action taken via credit cards or any other
cards. The banks can detect if any fraudulent transactions are done by the
stealer of the cards. Thus, it has helped in protecting the owner who possesses
the ownership over the money.
Efficient and Cost Savings: Tools such as Hadoop and cloud-based analytics are knowns as eco- cost savers. One can save large chunks of data and also enjoy the benefit of suggestions by tools for doing a task in an efficient manner.
Analytics as a Boon: The analytics derives- an innovative solution, Understand and target customers, Optimization of business processes, improve science and research improves healthcare and public health as a record of patients can be stored.
DISADVANTAGES
Correlation Errors: The analytics process relies heavily on linking correlation to one variable to another as to draw a pattern. It is not possible that every interconnection drawn is righteous and informative. Thus, a wrong conclusion results in a bad decision.
Need for skilled human resources: IT field is run by expert scientists who are among the most coveted and highly paid workers. There is a need for skilled workers, for the same the cost of training, hiring, and acquiring skilled staff increases.
Need for security: The analysis can violate principles of privacy, the same can be used to manipulate customer records. Thus, resulting in an increase in social stratification. The analysis is useful when data is analyzed for a longer duration to leverage its benefits. It can result in misleading information as well.
TECHNOLOGY OF BIG DATA
Operational Big Data Technologies
It takes account of data generated on a
daily basis. It stores online transactions, social media, or any kind data of
data that can be used from a particular firm for the purpose of analysis by
data technologies based software. The data is considered as raw
information and is stored by Analytical Big Data Technologies.
For example- The Operational Big
Data Technologies such as executives’ of any MNC, online trading, and purchase
via Flipkart, Walmart, etc.
Analytical Big Data Technologies
It is about the advanced adaptation of
Big Data Technologies which bit complex. It means that in comparison to the
former type discussed above.
For example - stock marketing, weather forecasting, medical-health records, etc
EXAMPLES OF TECHNOLOGIES OF BIG DATA
R Programming
It is a programming language with an open-source project. The services of this software can be enjoyed without any cost i.e. for free. The same is mainly used for the metrics of statistical computing, unified developing environments like Eclipse and assistance to Visual Studio communication. It has been revealed by experts that, it has tremendously brought a change in the most prominent language across the world. Its beneficial services are also availed by data miners and statisticians. They use it for the implementation of designing statistical software and in data analytics.
NoSQL Database
It is ranked under the range of
separate database technologies which is primarily focused on the development of
the design of modern applications. It shows a non SQL or no
relational database which helps to deliver methods for accumulation and
retrieval of data. It aims at storing the unstructured data and
delivering a fast pace performance. It proffers flexibility when it is about to
deal with all sub-types of datatypes at a huge scale. Example- MongoDB,
Redis, et cetera. The highlight is the integrity of
design, ease control, uses data structures, quick computations
NoSQL. For example, Twitter stores terabytes of user data every single
day.
A recent survey made a statement which said-
"Fortune 1000 companies have the potential
to gain more than $65 million
in addition to their respective net income,
just by an increase of 10%
in their data accessibility."
This fact is quite shocking and shows
how big data can help various industries. It can lead to a chain of
revolution in the way data is stored. Moreover, it can have an impact on
the economy of the world.
Writer: Ishita Gupta
Editor: Sonal Kamble
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