BIG DATA

Big Data refers to the dynamic, large and disparate volumes of data being created by tools, people and machine. It requires new, innovative and scalable technology to collect, host and analytically process the vast amount of data gathered in order to derive real-time business insights that relate to consumers, risk, profit, performance productivity management and enhanced shareholder value.

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The V’s of Big Data are-

1. VELOCITY: The speed of which data accumulates. Data is generated extremely fast in a process that never stops.
2. VOLUME: It is the scale of the data or the increase in the amount of data stored. Drivers of volumes are the increase in Data Sources, Higher Resolution Sensors and Scalable Infrastructure.
3. VARIETY: It is the diversity of the data. Since data comes from different sources like machines, people and processes. Drivers are Mobile technologies, social media, wearable technologies, geo technologies, videos and many more.
4. VERACITY: It is the quality and the origin of the data. Facts and Accuracy should be there and the attributes include Consistence, Completeness, Integrity and Ambiguity. Drivers include cost and the need for traceability.
5. VALUE: To turn the data into value. Value isn’t just profit. It may have medical or social benefits as well as customer, employee or personal satisfaction. The main reason that people understand the data is to derive value from it.

Data Scientists today derive insights from Big Data and cope with the challenges that these massive data sets present. The scale of the data being collected means that it is not feasible to use conventional data analysis tool. However, alternative tools that leverage distributing computing power can overcome this problem. Tools such as ApacheSpark, Hadoop and its ecosystem provides way to extract, load, analyse and process the data across distributed compute resources provide new insights and knowledge. This gives organization more ways to connect with the customers and enrich the services they offer.

So, next time when you strap on your smartwatch, on mark your smartphone or track your workout, remember your data is starting a journey that might take all the way around the world through Big Data Analysis and back to you.