Data Data Everywhere …
Now a day the amount of data created by various advanced technologies like social networking sites, E-commerce etc. is very large. It is really difficult to store such a huge data by using the traditional data storage facilities.
Until 2003 the size of data produced was 5 billion gigabytes. If this data is stored in form of disks it will fill entire football field. In 2011, the same amount of data was created in every two days and in 2013 it was created in every ten minutes. This is really tremendous rate.
Big data means huge amount of data, it is a collection of large data sets that cannot be processed using traditional computing technique. Big data is complex and difficult to store, maintain or access on regular file system. It can be either generated by machine of human .There are number of fields from which data is generated. Like- social media data, video sharing portals, banking, transport, e-commerce.
What is data? Is it similar to information?
Well data is nothing but collection of similar or dissimilar dataset but retrieving specific type of data from huge data set as per one’s requirement is the job of data scientist…
Data science is one field among big data which includes study of data analysis and helping to solve complex problems through modelling, statistic, analytics and maths skills.
Applications of big data-
Banking and fraud detection- Big data is being used by Securities Exchange Commission (SEC) to monitor activities of financial market. To catch illegal trading activities they are using network analytics and natural language processing.
These industry whose work includes types of claim or transaction processing heavily rely on big data for risk analytics like anti-money laundering or fraud mitigation.
IT log analytics– IT sector generate enormous amount of logs and do not have enough man power to go through all information. In this scenario big data has ability to manage and identify large-scale patterns to help in diagnosing and prevent problems.
Call centres– with the help of big data it becomes easy to identify recurring problems of customer and staff through behavioural pattern. It capture and process call contents itself.
Social media– this is every green source of big data .this is the real time example of how much market responds to products and services. With this analytics companies adjust theirs pricing, set offer and promotions to target greater audience.
Big Data benefits to grow your business:
To find your target audience– Altering services knowing the requirements of the crowd will attract more and more number of customers. To hit the count of customers the company or the organizers should know what is their need and this is possible with big data.
Example big data tell the company that more number of customer are searching for particular brand of mobile phone. And then this is where the role of company begins. They will adjust their pricing, provide offers and advertise the particular brand to boost the sell.
Saves time: now if you have heard of Hadoop – a tool that is used to process massive amount of data in lesser time. It can identify and help businesses identify data and take quick decision based on analysis report.
Maintain reputation– Customer reviews and feedback help to know how satisfied they are with your service or product. But again it is tedious to go through each feedback and review. Big data supports sentimental analysis generating a summary report. This report will give the business an idea of changes that are required to satisfy unsatisfied customers.