14/08/2017
UNDERSTANDING THE BIG DATA PHENOMENON
An overview of Big Data phenomenon and its benefits for companies today.
Big Data can drive business growth if leveraged correctly. Learn what big data is, why it is captured and how it is interpreted to improve operational efficiency.
Everyone from NASA to Amazon is using Big Data to meet marketing objectives and drive strategic growth. Big Data is the latest data analytics trend that can help small and medium companies transform their business – provided they understand and capitalize on this exploding new field. Are you ready to use Big Data in your enterprise? Here is an in- depth overview that explains Big Data concepts in a nutshell.
WHAT IS BIG DATA?
In today’s Internet age, practically everything we do leaves behind a digital trace or data. Things like shopping, listening to music, travel bookings, watching and reviewing movies, even talking on the phone happen in the digital realm today. All our Internet activity leaves behind data about what we eat, what we want to buy and whom we care about.
The collection and analysis of this data to identify and make use of trends is called Big Data. Big Data is not just about capturing structured customer information in a form. Things like photos, tweets, emails, voice recordings and device sensor data do not fit into tables and excel sheets like before.
Modern day marketing databases are terabyte-sized monsters containing information about web traffic logs, transactional histories, social media interactions, video views and shares and much, much more. The capturing, storage and analysis of this data all comes under the realm of Big Data.
HOW CAN WE USE BIG DATA?
Big Data can be used creatively to optimize your processes. For example, retailers may use trending product ideas to boost certain stock levels. Supply chains can be optimized so that delivery is more fuel-efficient. Telecom and energy companies may use it to identify when customers switch providers. Credit card companies may use Big Data to detect fraudulent transactions.
The possibilities are endless. The use of big data is limited only by your imagination. What would you like to learn about your customers so that you can make your business more efficient? Whatever questions you come up with, Big Data probably has the answer.
HOW CAN WE INTERPRET BIG DATA?
Big Data interpretation uses new technologies to analyze the continuous flow of data. Cutting edge tools like Apache Hadoop, Cloudera, Hortonworks, and MapR are replacing traditional technologies that rely on a data structure. These tools use statistical and mathematical expertise to generate reports, which can be further analyzed by Big Data experts to give useful insights.
For example, Netflix analyzed video traffic data to predict demand. They were able to introduce better network throughput by identifying high demand periods. Walmart used Big Data to determine why sales of a particular product had dropped suddenly. It turned out to be a pricing error that was quickly rectified.
The Big Data phenomenon is not just a new technology trend; it is an important area that companies need to leverage if they want to succeed in the coming years.
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