What is Big Data | Importance And Characteristics Of Big Data
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Big Data means the extreme amount of information in both structured and unstructured manner. Big data does not mean the particular amount of data, but it describes, terabytes, petabytes, exabytes and even more data captured over time. Big data can be analyzed to make better business decisions and to expand business in a strategic way. So finally,What Is Big Data?Big data is a concept of gathering and storing a large amount of information.
What is Big Data : Introduction
Big data is the result of everything being monitored and measured data in the world which helps in information in a useful way. Big data comes in different shapes and sizes. It helps you real-time fraud detection, web display, advertising, competitive analysis and much more. Analysis of big data is very necessary to find the useful information.
Categories of Big Data
Big data is fundamental of three forms: –
- Structured data: – The data that can be stored, accessed and processed in a fixed format is known as structured data.
- Unstructured data: – The data that have multiple forms and can be accessed through different formats are known as unstructured data.
- Semi-structured data: – It contains both types of data. It is a kind of data that is not defined.
Sources of big data
The sources of big data are of three types: –
- Streaming data: – It includes the information which you get through connected devices. This data allows you to analyze the data and make decisions on it.
- Social media data: – You get social media data from interactions with social media. This type of data includes information about marketing, sales, sports and much more. This kind of data is found in unstructured or semi-structured forms.
- Publicly available sources: – A large amount of data can be found through publicly available sources e.g. Government’ data, European Union Open Data Portal.
Characteristics of Big Data
The concept of the big data is based on the three ‘Vs’: –
- Volume: –Big data itself is related to the size. Size means the amount of data collected from different varieties of sources, including business transactions, social media, and information from the sensor. It plays a significant role in finding the output.
- Velocity: – The next aspect of big data is velocity. Velocity means the speed at which data streams must be dealt with promptly. It determines how fast the data is being processed to meet the demands and the potential for the data.
- Variety: – Variety refers to different heterogeneous resources which provide you a large amount of data. The various formats of the data include text documents, email, video, audio, financial transactions, etc. Unstructured data poses particular issues for storage, mining and analyzing data.
The importance of Big Data
Big data is the massive volume of data gathered and stored by different means, and this data can be analyzed to understand different business needs, e.g., reduction of costs and requirements, development of new products and optimized offerings and smart decision making. Big data can be analyzed with high power to do business related tasks. It helps in finding: –
- It can determine the main causes of failures of a market, issues, and defects in relatively less time.
- It helps in generating coupons at the point of sale by buying habits of the customers.
- It helps in recalculating the risk portfolios of a business within a few lap of time.
- It helps in removing the criminal activities of the organizations before it affects its business.
- It provides you significant information and thus helps in decision making.
- It allows you to identify customers’ needs to provide them the best output you can give.
- It adds value to the online and offline clients’ interactions.
- Implementation of great data technique is a cost saving process in a log run.
Fields which uses Big Data
As we know that the big data is an enormous amount of data stored on the master server, therefore, it may affect the organizations across particularly in every industry. We are going to explain here some of the fields where big data is used: –
- Banking: – Big data is employed in the banking sector as it may understand the various needs of customers and boost their satisfactions. Big data streams a significant amount of data from numerous sources and manage it in the new and innovative way. It also minimizes the risk and fraud and helps in maintaining regulatory compliance. It helps banks one step ahead in agreement with the customers’ needs.
- Education: –School systems, students, and curriculums use a significant amount of big data to make education in easy and to find opportunities for the future. Educators can analyze the big data to identify at-risk students, to make students progress in an adequate way and to implement a better system of education to provide a better education for the students.
- Government: – Government agencies gain significant ground for managing utilities, running companies, dealing with traffic congestion or for preventing crimes by analyzing big data.
- Health Care: – Big data can be used in health care institutions for maintaining patients’ records, making treatment plans, and prescription information, etc. Proper management of big data can provide different hidden insights for improving patient health.
- Manufacturing: –Big data helps manufacturers in enhancing product quality and output by minimizing waste. Detailed analysis of big data can assist in solving faster in a quicker and better way.
- Retail: – Big data helps in building customer relationship to the retail industry. It helps in handling transactions in a better way.
Big Data is a huge amount of data which is monitored and measured continuously to get useful information. Big Data is analyzed to get the information. This information is used in different ways which provide you best quality results. You can use information from the big data for various purposes like making decisions in business, detecting faults, investigating about diseases and their causes, etc. Today, a vast number of organizations use big data for the records to be maintained and to remove errors included in them.