Present in both structured and unstructured forms, big data analytics involves the evaluation of a large chunk of information, and its conclusions utilized for higher implementations. The overall importance of processes uses, and major functionalities cannot be denied. Big Data created a huge buzz in the tech-driven world and in August 2015, even slipped out of the Gartner’s 2015 Hype Cycle for Emerging Technologies.
What is Big Data(BD)?
Gartner defines BD as high volume, high velocity, and/or high-variety information assets that require processing to enable decision making. Insight discovery and process optimization are two of the most important aspects of BD Analysis.
This simply means, extremely BD sets are collected and analyzed – this because, normal computing techniques cannot perform the process. It involves a range of frameworks, techniques, and tools particularly due to the advent of newer channels of communication, which can be a challenge to industry players. BD Analytics is one of the best ways to overcome this difficulty. The entire world is producing billions of gigabytes of data by the minute. When processed, this data is extremely useful. But before the concept of big data even evolved, it had been nothing but gross neglect.
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Primary sources of Big Data
Data is owned in several forms including the Black Box embedded in airplanes and jets. The voices of the flight crew, microphones and aircraft performance are recorded for future analysis. Similarly, there are other sources of analyzable big data such as:
Social Media – Sites such as Face book, Twitter and Google+ Stock Exchange – Platforms used to sell and buy shares Power Grid – Data and information about nodes Transportation – Model of the vehicle, it’s capacity, distance covered, availability Search Engines – One of the biggest sources of online data
Merits of Big Data
Consumer demands, today, have a wider research area. Most of them reach out to social media for different buying options. Even then-contemporary consumerism is reciprocal where buyers look forward to being glorified.
BD plays a pivotal role in collecting information that is actionable and analyzable, with the results leading you to customer engagement in real-time.
Check your customers’ profile in real-time, get information about their likes and dislikes to provide better service
Build brand and company reputation with BD analytics
Re-develop products and services to design them according to predictive intelligence gathered through BD Obtain product development tips through unstructured social networking
Test variations of computer-aided design or CAD images to determine the changes in the product, thus making big data invaluable in the manufacturing process
Predictive analytics always gives you an edge and lets you stay ahead of your competitors
BD scans social media feeds and analyzes all information present in different areas
Perform health test on your suppliers, stakeholders, and customers and reduce default risks
Additionally, BD aids in keeping information safe. Map the data landscape of the company using BD tools to analyze internal threats. You can protect your sensitive information.
Diversify revenue streams; gather information about trending data to evolve a new revenue stream.
Personalize the look and feel of your website to suit visitors based on their preferences (analyzed through BD) Replace the pieces of technology with the help of BD if you are running a factory, based on the duration of their use. Different parts may come with varied wear and tear rates. Use big data analysis to predict and then arrange for replacements without having to wait for failures.
The best career move ever!
There is a constantly rising demand for BD analytics professionals. According to Jeanne Harris, a senior executive at Accenture Institute for High Performance “…data is useless without the skill to analyze it.” There are many IT professionals today, who are willing to invest their time and money for training in big data. Job opportunities are also simultaneously soaring.
Gaps are widening due to the high demand for big data professionals and the parallel deficit of talent. The situation is global and in spite of its augmenting demand, there are several unfulfilled jobs across the world. Shortage of skills is one of the biggest reasons for the scarcity.
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Organizations are prioritizing BD analytics. Conclusively, companies do believe that BD application, improves the overall performance of the organization. According to a survey, at least 45% believed that they received more precise business insights while 38% would be able to recognize market opportunities. About 60% thought they could depend on BD analytics to boost their social media presence. Lastly, about 65.2% thought that big data helped them in some way or the other
The adoption of big data is growing, and diversified datasets are analyzed with the help of sophisticated big data analytics’ tools.
To TDWIor The Data Warehousing Institute, some form of advanced analytics on Data was used by the respondents either for predictive analytics, business intelligence or data mining. With the rate of implementation of analytics a tool increasing exponentially, BD is providing companies with an edge over the competition.
Apache Hadoop Framework is considered as one of the most popular BD analytics tools today
Also plays a pivotal role in decision making. This is also a competitive resource for many companies. Most respondents to the ‘Analytics Advantage’ survey overseen by Tom Davenport indicated that BD will become very important for their organizations in the next three years.
Data analytics is everywhere and has tremendous potential for growth. Become a certified professional when you attend NYINST.