What is Big Data?
Any piece of information can be considered as data. This data can be in various forms and in various sizes. It can vary from small data to very big Data.
So, let us see the classification of this data:
Any data that can reside in RAM or memory is considered as small data. Small data is less than 10s of GBs.
Any data that can reside in Hard Disk is considered as medium data. Medium data is in the range of 10s to 1000s of GBs.
Any data which cannot reside in Hard disk or in a single system is considered as Big Data. Its size is more than 1000s of GBs.
So now we are going to learn what is Big Data?
As we all know, today data size is increasing tremendously. To process and manage such huge volume of data, different Big Data technologies come into picture. It is a new data challenge that requires leveraging existing systems differently as some time ago, data type and volume were not of the type as it is today.
This data is so huge that it is very difficult to handle it with our traditional / conventional approaches of relational databases, so Big data technologies evolved in the industry.
Big Data is classified in terms of:
- Today data size has increased to size of terabytes in the form of records or transactions
- There is huge variety of data based on internal, external, behavioral, or/and social type. Data can be of structured, semi structured or unstructured type.
- It means near or real-time assimilation of data coming in huge volume.
4.Data in today's world (Big Data)
is usually unstructured and qualitative in nature that can be used for various applications like sentiment analysis, increasing business etc.
About 80 % of data captured today is unstructured which is being collected from various sources like sensors which are used to gather climate information, posts on various social media websites like tweets from twitter, Digital pictures and videos uploaded on various websites like Facebook, Purchase transaction records and other similar data. All this data is also Big Data.
Top Real Time Big data Applications
Big Data is all about analyzing this variety of data and finding the needle of value from this huge data. Business can use this to track different patterns to do advance analytics that help significantly in decision making. Business can get 360 degree of customer view by analyzing data of customer from different sources like sales data, social media, etc.
Big Data can help in transforming major business processes by proper and correct analysis of available data. Such business processes include:
- Procurement with Big data:
Demand can be forecasted properly as per different conditions available with Big Data.
- Big data in Product development:
What product to be developed to increase sales
- Big data in manufacturing sector:
Big data can be used to identify machinery and process variations that may be indicators of quality problems.
- Big data for product distribution:
Based on data available, its analysis could be done to ensure proper distribution in proper market.
- Big data in Marketing field:
Big data helps in knowing better marketing strategy that could increase ale.
- Price Management using Big data:
To maintain position in market, price management plays a key role and Big data helps business in knowing market trend for it.
Big Data plays a major role in sales for retail market also.
- Big data in Sales:
It helps in increasing sale for the business. It also helps in optimizing assignment of sales resources and accounts, product mix and other operations.
- Store Operations using Big Data:
Different tools can be used to monitor store operations which reduce manual work. Big data helps in adjusting inventory levels on the basis of predicted buying patterns, study of demographics, weather, key events, and other factors.
- Big data in Human Resources:
Big Data has changed way of recruitment and other HR operations. You can also find out the characteristics and behaviors of successful and effective employees, as well as other employee insights to manage talent better.
- Big data in Banking:
Big Data has provided biggest opportunity to companies like Citi bank to see the big picture due to balancing the sensitive nature of the data for delivering value to clients along with prioritizing the privacy and protection of information. It has been fully adopted by many companies to drive business growth and enhance the services they provide to customers. Understand further how Income tax has benefited from Big data.
- Big data in Finance sector:
Financial services have widely adopted big data analytics to inform better investment decisions with consistent returns. The big data pendulum for financial services has swung from passing fad to large deployments last year.
- Big data in Telecom:
A recent report, "Global Big Data Analytics Market in Telecom Industry 2014-2018", found that use of data analytics tools in telecom sector is expected to grow at a compound annual growth rate of 28.28 percent over the next four years. Mobile Telecom harnesses Big Data with combined actuate and hadoop solution.
- Big data in retail sector:
Retailers harness Big Data to offer consumers personalized shopping experiences. Analyzing how a customer came to make a purchase, or the path to purchase, is 1 way big data tech is making a mark in retail. 66% of retailers have made financial gains in customer relationship management through big data. Learn more about Big data retail usage here.
- Big data in HealthCare:
Big data is used for analyzing data in the electronic medical record (EMR) system with the goal of reducing costs and improving patient care. This Data includes the unstructured data from physician notes, pathology reports etc. Big Data and healthcare analytics have the power to predict, prevent & cure diseases. Learn more usage of Big data for healthcare here.
- Big data in Media and Entertainment:
Big data is changing the media and entertainment industry, giving users and viewers a much more personalized and enriched experience. Big data is used for increasing revenues, understanding real-time customer sentiment, increasing marketing effectiveness and ratings and viewership.
- Big Data in tourism:
Big data is transforming the global tourism industry. People know more about the world than ever before. People have much more detailed itineraries these days with the help of Big data.
- Big data in Airlines:
Big Data and Analytics give wings to the Aviation Industry. An airline now knows where a plane is headed, where a passenger is sitting, and what a passenger is viewing on the IFE or connectivity system.
- Big data in Social Media:
Big data is a driving factor behind every marketing decision made by social media companies and it is driving personalization to the extreme.
- Big data in Ecosystem conservation