Big Data, BIG in name and nature as well, is the latest technology buzzword that is not going away any time soon. According to ABI Research, big data spending will hit $114 billion (around £76.6 billion, or AU$148 billion) in the year 2018, and yet there are many people and businesses who are still perplexed as to what big data actually is.
According to Deloitte, a professional services firm, by the end of this year 2016 over 90% of the top Fortune 500 companies will have at least some big-data initiatives on the boil. Are you new to the concept of big data? If yes, then don’t worry. In this article, you will get in-depth information about big data and know the ways it affects your life.
Stay Informed- Role of Technology in Education
Let’s understand big data in layman terms:
Big Data is what it sounds like: the collection of enormous amount of information that businesses of different domain carefully analyze to discover patterns or trends. Now, you might be wondering: why businesses need this data or what is the use of this huge data.
The answer is pretty simple: these data trends help these business predict outcomes, solve problems and make further improvements in their offered services or goods.
The gathered information comprises digital and traditional sources including data gathered from emails, social media, business transactions, and activity logs. All big companies like Visa, IBM and Frontier Business Edge are using big data information to improve their services as well as their margins.
Processing big data is big business and there are lack of skills to properly use the big data analytics to decipher actionable insights which is real problem.
Drawing any kind of business benefit from big data signifies having strong analytics in place along with the skills to make use of them. Featuring an effective analytics model implies that your business can find new correlations to resolve problems, find trends of information and essentially earn more money.
There are three different types of analytics: descriptive, predictive and prescriptive. Descriptive data are presented in such a way that lets you know what is happening in the place the data is drawn from. On the other hand, predictive data analysis describes the way you can take data and make better predictions using it.
Prescriptive, meanwhile, concerns using data along with the subsequent predictions to take action that will improve business. An effective analysis amalgamate these three types together in order to make sure it delivers the results you desire.
Believe it or not, big data has slipped behind another technology buzzwords of the moment: Internet of Things (IoT). When it comes to the IoT, Big data has a huge amount to benefit from.
According to Cisco’s conservative, the total number of connected devices will hit about 21 billion by the year 2018 and the negative news for any unaware company is that there is likely to be mammoth volume of data to keep a handle on.
Making analysis of all this gigantic data is something that is still proving to be a big challenge, which is something that has the potential to make or break the success of the data drawn from all these “things”.
Stay Informed- What are Pros and Cons of Internet of Things?
Rich is even more important than big data. There is important difference between rich data and big data. They are different as the way that refined and crude oil differ. In layman’s terms, rich data is what comes out when all the data from different systems is combined together and given a context so that it becomes a practical proposition for individuals and businesses.
Rich data resolves one of the prime complaints relating to the big data that is it does not provide a comprehensive insight compared to the degree of contextualized data that is achievable with rich data. The truth that rich data requires big data to exist signifies that big data can never go away, yet for the greater level of insights and advantages, rich data needs to be an integral part of the picture.
Nevertheless, there is certainly a big concern regarding rich data, as it is more detailed and might present a privacy risk to the customers that unstructured big data might not end up doing. Exactly what this could well present is a scenario where customers become much more guarded over their personal details and like to give less up to the businesses seeking it, or perhaps even use it as a bargaining tool down the road.
The influence of big data on our life is also big! Following image shows the affect of big data in our life in an elaborative way:
I hope you’ll get enough knowledge about big data. Big data is definitely a new and revolutionary change in the tech world. With the help of big data, companies will be able to provide better service and products according to the needs of customers. If you any query related to big data, you can contact PixelCrayons: a leading web designing and development company in India.