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Big Data: Ntroduction

Big data refers to the large volumes of structured and unstructured data that organizations collect and analyze on a daily basis. This data comes from a variety of sources and in many different formats. Analyzing big data can provide insights to help organizations make better strategic decisions. While the concept of collecting and storing large amounts of data for future analysis has existed for a long time, the term "big data" began trending in the early 2000s. Big data is now characterized by its volume, velocity, and variety. Organizations have the potential to gain valuable insights by analyzing more of the data they collect each day.

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57 views

Big Data: Ntroduction

Big data refers to the large volumes of structured and unstructured data that organizations collect and analyze on a daily basis. This data comes from a variety of sources and in many different formats. Analyzing big data can provide insights to help organizations make better strategic decisions. While the concept of collecting and storing large amounts of data for future analysis has existed for a long time, the term "big data" began trending in the early 2000s. Big data is now characterized by its volume, velocity, and variety. Organizations have the potential to gain valuable insights by analyzing more of the data they collect each day.

Uploaded by

Yashwanth
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© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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Big Data

1 INTRODUCTION
The structured and unstructured large volumes of data, that inundate a
business on a day-to-day basis is called Big Data. The significance of the
quantity of data is not of importance here. It is what the organizations
intend to do with it that matters. It can be analyzed for insights that lead to
strategic business moves and better decisions
We are awash in a flood of data today. Data is being collected at
unprecedented scale in a broad range of application areas. Decisions
which were purely made on guesswork can now be made based on the
data itself. Such Big Data analysis now entices itself to control every aspect
of our modern society, including life sciences, retail, manufacturing, mobile
services, financial services, and physical sciences.

2 BIG

DATA HISTORY AND CURRENT

CONSIDERATIONS
Big Data is considered to be a new concept, but the act of accumulating
and storing large volumes of information for future analysis is ages old.
The concept started to trend in the early 2000s. A contemporary analyst
Doug Laney verbalized the now-mainstream interpretation of big data as
the three Vs:
Volume: Organizations receive data from diversified sources, comprising
business transactions, social media and data from sensor or machine-tomachine data. Storing data was a big problem until the new technologies
(such as Hadoop) have eased the burden.

Velocity: Data gushes in at an unparalleled pace and must be dealt with in


a timely fashion. RFID tags, sensors and smart metering are urging the
need to deal with deluges of data in near-real time.
Variety: Data comes in all kinds of forms from structured, numeric data in
conventional databases to unstructured text documents, video, audio,
emails, stock ticker data and monetary transactions.
Two additional dimensions are to be considered when it comes to Big Data:
Variability: In extension to the dominant rapidities and varieties of data,
data flows can be highly erratic with periodic peaks. Is something trending
in social media? Daily, seasonal including event-triggered peak data
amounts can be challenging to maintain. Even more so with unstructured
data.
Complexity: Today's data arrives from various sources, which makes it
challenging to link, match, cleanse and modify data across systems.
However, its essential to connect and correlate relationships,
bureaucracies, and various data linkages or your data can quickly spiral out
of control.

3 BIG DATAS POTENTIAL


The quantity of data thats being generated and stored on a global level is
almost unimaginable, and it just retains to grow. That means theres even
more potential to gather key insights from business information yet barely
a small portion of data is actually analyzed. What does that indicate for
businesses? How can they make better use of the raw data that streams
into their organizations every day?

4 WHY IS BIG DATA IMPORTANT?


It's not about how much data you possess. It's about what you
intend to do with it. Data from any source can be acquired and
analyzed to find the answers that enable
1) Smart decision making.
2) Cost reductions,
3) Time reductions, and
4) New product development and optimized offerings
Connecting big data with high-powered analytics, many businessrelated tasks can be accomplished such as:
Recalculating undivided risk portfolio in minutes
To determining the root cause of failures, issues and defects
which may occur in near-real time.
To generate coupons at the point of sale with the
acknowledgment of customers buying habits.
Detecting deceitful behavior before it affects your business.

5 RETROSPECTIVE DETERMINISM
As per the original definition, Retrospective Determinism is the informal
fallacy that because something happened under some circumstances, it
was therefore bound to happen due to those circumstances.
This is the prime disadvantage of big data, as it relies on former behavior to
predict future behaviors. A customer's past is not a failsafe indicator of their
future, notably as consumer tastes and industry trends evolve swiftly.
Notwithstanding its surging prevalence, it also comes with a few other
unique sets of challenges, in particular, the tenor to confuse correlation with
causation, generally unqualified practitioners, a lack of conventional
scientific protocols, and a host of ethical/humane concerns.

6 WHAT CAN WE DO ABOUT IT?


Sure we cant change the basic functionality of the processes
undergoing with Big Data.
But, if we could couple Big Data with Artificial Intelligence. An AI
which analyses the market changes, and predicts the future
actions of customers contextually. An AI whose decision is not just
based upon the past events, but which also considers things like
evolving trends, changes in industry, inflation, demand etc., so
that the decision taken is an informed one, be it a strategic
business move or to acknowledge an unprecedented insight.
For that, a deep understanding of Artificial Intelligence is required.
It wouldnt be considered to be an exaggeration to say that it may
take years of research to develop such an AI.

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