Unleashing the power of Big Data

Posted by Niti Sharma on June 12th, 2019

In the past few years, there has been tremendous increase in data, and companies are increasingly using data to make decisions. Organizations have moved from traditional decision making process to more accurate data-driven and growth-oriented processes. To further accelerate this decision making process, advance technologies have been introduced and better ones are in the making. According to IDC report, worldwide revenue for Big Data and Business Analytics (BDA) will reach 0 billion in 2022 and will continue to grow at CAGR 11.9% over the period 2017-2022. Consequently, this has also led to increase in demand for big data professionals.

The scale at which data is generated is humongous, as can be seen in the infographic.

Social media has been at the front when it comes to generating data. Using this data insightful conclusions can be drawn about experiences. Every social media platform is a treasure trove of knowledge for companies. But how do you differentiate among data?
Data can be differentiated on the following attributes –

  1. Volume
  2. Variety
  3. Velocity
  4. Veracity

Varieties of Big Data

Any information that is valuable to companies and can be used to derive actionable insights can be categorized as data. For the purpose of simplification, it can be categorized as –

  1. Big Data – Big data refers to large volume of structured and unstructured data available with companies.
  2. Lost data / operational data – This refers to data that is landlocked in computer systems. This data isn’t lost, since it is hidden away in systems it is categorized as so.
  3. Fast data – This is application of big data in real time to solve business problem.
  4. New data – This refers to the information we can get or want to get, but likely aren’t harvesting now.
  5. Dark data – This refers to data that can’t be accessed.

Apart from the above varieties of data, technological advancements like tools such as Hive, Pig, Map Reduce are further making improvements to adapt to the requirements of the industry.

As the culture of data-driven decision making has pushed forward, companies are increasingly jumping to Big Data and building processes to get the best of it. Major reason, of course is explosion of data. To capitalize on this, fully defined Infrastructure and competent talent are utmost requirements, and SMEs and enterprises equally stoked to use it to full potential. It is continually improving and proven strategies are further improved to get better results.

How are the industries using the power of Big Data?

Globally, Big Data has been playing a significant role in economic transformation strategies. Coupled with data science and machine learning, it has opened new avenues of technological, social, and economic reforms which have the potential to take economies forward. Big data has also brought forward Industrial innovations which lacked thereof. In the future, as data continues to brim servers, companies will have more robust system to collect and analyze this data and be better at predictions and projections. Dependence on data-driven decision making will increase, and enterprises will have larger analytics teams driving processes.

Niti Sharma

About the Author

Niti Sharma
Joined: June 3rd, 2019
Articles Posted: 12

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