We won’t bore you with a deep, technical definition. But if you’re starting to hear the term “big data” mentioned more often, you should know what it is.
It’s an enormous amount of data. And the more data scientists have to work with, the more powerful this tool becomes.
Big data doesn’t only refer to the amount of information available. It also includes the speed and volume of information and, most importantly, its quality and relevance.
These three factors – quantity, velocity and veracity – are what make “big data” so groundbreaking – and so powerful – for everyone who uses it, from big tech companies to world-renowned academic institutions to regular folks like you or me. Big data is flooding all aspects of our lives, from social media to healthcare to transportation.
What is Big Data?
It’s a term used to describe technologies that are able to store, manage, analyze and visualize large volumes of digital data derived from multiple sources. Big data technologies are continually developing alongside new technological developments which allow more people to use them easily.
What is Big-data Analytics?
“Big data” refers to a method of data analysis that uses large amounts of structured, semi-structured or unstructured data for more effective decision making. It is broader than what we generally call analytics because it includes not only the tools that are used to analyze data but also how we analyze it. This “big” analysis of digital information can be used to gain new insights into patterns and for predicting future outcomes. For example, big data can be used to:
What’s the impact of Big Data in our everyday life?
Big data can have an impact on your everyday life in many ways. It could change how scientific research is done and the way doctors treat their patients or it could help predict natural disasters before they happen or show which companies are the most sustainable so that investors can invest without risk. The possibilities are endless! And so are the potential benefits of big data.
Examples of Big Data
The largest big data project ever was the Human Genome Project
. It took 13 years to complete and involved 3 billion dollars. Its goal was to map the entire human genome (DNA). Scientists used nearly 10 terabytes of DNA-related data! Can you imagine?
Another example is Google Flu Trends
, which is used by the CDC (US Centers for Disease Control) to track flu epidemics . It takes millions of search queries on Google Maps to detect flu trends across the United States. For example, it shows how often people are searching for “flu symptoms” or “flu shots”.
Pros and Cons of Big Data
Pros of Big Data
- Big data can be used effectively to help people and organizations make better decisions.
- Big data has revolutionized other fields, such as medicine and biotechnology.
- It offers tremendous opportunities for learning about other cultures and societies.
- It is also a very disruptive technology that can change how we interact with each other.
- Brings Businesses and Clients Together
- It is a cost efficient way to gather information in the business world
- Information can be gathered in a matter of hours
- Big data can be used to find patterns in statistics that are unknown to individuals.
Cons of Big Data
- The proliferation of personal information can put some people at risk of identity theft.
- Concerns about the use of big data.
- The accuracy, validity, and reliability of big data often depends on whether the research methods are sound or ethical.
- Some business and government organizations that want to use big data may lack the resources or skills to do so.
- The technology is changing so rapidly that people are still trying to figure out what it means for their organizations.
- Hard Regulation
Big Data, Marketing and Advertising
Big data also has a huge impact on the world of advertising and marketing. Some companies are using data to predict consumer behavior to promote online videos or merchandise. These companies’ big data analytics could help reach an audience who would otherwise never know about the product.
For example, if you’re not aware of a new song by Drake, but your teen is, marketers know you have a teen son or daughter who plays sports at school, are friends with their friends or are fans of Drake’s music.
Which of the following are examples of big data?
- Discovering consumer shopping habits.
- Personalized marketing.
- Fuel optimization tools for the transportation industry.
- Monitoring health conditions through data from wearables.
- Live road mapping for autonomous vehicles.
- Streamlined media streaming.
- Predictive inventory ordering.
What are the three vs of big data?
What are the 4 vs / four characteristics of big data?
Which of the following best exemplifies big data?
Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.
How can big data benefit large scale trading banks?
Big data is a broad term that has been with us for some time. For quite a few years now, we have been collecting vast amounts of data from social media, scientific instruments and other sources. This data is used for many purposes but the one most people are familiar with is finding patterns and trends so we can predict situations and make smarter decisions about the future.
Big data in banks and finance is big business. And it’s no surprise, with the explosion in data volume and the rapid expansion of diversity of sources, the demand for tools to manage this information is growing rapidly.
Industries such as finance and marketing have benefited greatly from big data – they analyze it to find better ways of doing business – but their success has led to increased demand for technologists who can manage this process effectively.
Big data allows all kinds of applications to be developed in ways they were not originally intended. This has been especially useful for areas such as social media monitoring and prediction so banks have been able to create new products and develop services that have never been possible before. Other benefits:
- Finacial Analysis
- Credit Score Prediction
- Investment Analysis
- Share & Profit Calculation
- Automated and Personalized Credit Prediciton
- Virtual Card
- Easier Budgeitng
How big data is stored in organizations?
Data is stored in various ways. Spreadsheets, databases, and enterprise content management systems are all forms of data storage. The question of whether or not this data should be stored in the cloud is discussed at length elsewhere on this site.
Is big data changing how organizations work?
Many companies are investing heavily into big data platforms that allow them to collect massive amounts of information about their customers without having to interact with them directly. This makes it easier for these companies to study consumer trends and act accordingly – these include the likes of Target, Google, Facebook and others.
Examples of Big Data Technologies
Essentially, big data refers to large volumes of structured, semi-structured or unstructured digital information created by technological means. It is an approach to gathering, storing and analyzing unprecedented amounts of rapidly growing data sets in order to gain insights into patterns and for predicting future outcomes.
It’s an approach that uses many different types of technology including Hadoop, NoSQL databases and machine learning techniques. Big data can have a huge impact on organizations as well as individuals because it can be used for predictive analytics used in all areas from marketing research to risk management.