What is Big Data ? The Characteristics and Advantages of Big Data?

 

An Introduction to Big Data? What are the characteristics of Big Data?

When we talk about Big data, it often comes across as a strange concept. People have less knowledge about this field. Therefore, they find it a bit difficult to relate to it. This article will throw more light on this concept. It is an effort to guide and educate people more about this concept.

Kindly stick around till the end of this article. You will get to know certain incredible facts about Big data. This is a concept that is gaining priority. It makes sense to grasp knowledge in relation to this field.

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We sincerely hope, this article will help you to gain more knowledge about the big field and its value in the business world at present.

Big data deals with ways to analyze, systematically extract information from or else deal with data sets which appear too large or fairly complex hence, difficult to deal with using traditional data processing application software.

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We need to understand,  that data with many fields (columns) extends greater statistical power. Data with a higher degree of complexity may lead to a higher false discovery rate which is misleading. Some of the challenges associated with Big data are data analysis, data capturing, updating, data storage, information privacy, visualization, data source, sharing and transferring, etc.

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It initially dealt with or revolved around three factors and  they were Volume, Variety, and Velocity.  The analysis of big data poses challenges in sampling. Therefore, it was used to earlier allow observations as well as sampling. In such a scenario, big data usually includes data with sizes that are beyond the capacities of traditional software to process the same within a stipulated time period and value.

What is Big Data?

The name Big data is self-explanatory. It reveals and reflects, a collection of data with a large size, having plenty of complexities, and is beyond the capacity of traditional data management tools to store it or for that matter process it. Undoubtedly, big data is data but its size is enormous.

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Let's Study Some Cases Where Big Data are Evident very Strongly.

Let's start off with The New York Stock Exchange. It generates about one terabyte of new trade data that too each day. So you can see the volume of data and how big it is.

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If you consider the case of social media you will be astonished to know the figure. 500 + terabytes of new data get imbibed into the databases of social media sites, Facebook. Data in this context are associated with photos, message sharing, comments by various users as well as uploading of videos.

What are the characteristics of Big Data?

Veracity refers to the degree of accuracy in data sets and how trustworthy they are.  Raw data from various different sources can surely give a hard time leading to quality issues. You have to cleanse such bad data failing which you get subjected to a lot of analytical errors which can jeopardize the significance of business analytics initiatives.

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Remember, it will be unfair to say, that all the collected data has real business value. It is never the case. So it becomes imperative for Organizations to verify that data relates to actual and significant business issues before utilizing it in big data analysis projects. So you can see for yourself, it is never an easy task. In fact, it is a fairly daunting task.

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Variability usually applies to sets of big data, which may have multiple meanings. These can be formatted differently in separate data sources which in turn makes Big data even more tricky for management and analytics. It is obvious when you deal with a large volume of data it is never easy. You are likely to face a lot of hurdles and challenges.

Big Data Analytics offers Great Advantages Stated Below:

1. Business gets the liberty to use external intelligence while reaching a  decision. From search engines and various social media sites, one can obtain plenty of social data and assist the Organizations to adjust or fine-tune their strategies which turns into a profitable proposition.

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2. In this modern technical era and dynamic market environment, traditional customer feedback systems are getting removed and they are being replaced by systems governed, supported, and backed by Big Data technologies. In such systems, one can observe, that Big Data and natural language processing are utilized in order to read, comprehend and even assess consumer responses. So new methods are being implemented to streamline the process leading to more feasible and conducive business processes.

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3. Another pros of Big data is that it can be used to detect risks associated with a product or service, at the early stages. In fact, it adds to the operational efficiency which is a huge plus in the context of business. You may not be aware of the fact, that Big Data technologies also enable in construction of a staging area or landing zone for new data before taking a call about what data may be transferred to the data warehouse. Integration of Big Data technologies and data warehouses also helps to offload infrequently accessed data which is another significant benefit drawn from it.

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Conclusion

When you have to deal with a large volume of data and chalk out a business strategy then it's obvious it's a tough ask. A minute mistake can amount to huge financial loss. Every step must be filtered to ensure that things are moving in the right direction. It's a delicate procedure needing a lot of analysis. A large volume of data creates a lot of complexities as well. Always a tough task asks, to analyze them and reach the right conclusion and transfer it into a meaningful and profitable business strategy. Big data technologies help in formulating the right game plan. It will be perhaps best described as a game-changer for a lot of business houses. When traditional tools fail then big data comes into play. The various business houses are aware, of how potent big data technologies are hence, they are using it extensively owing to the benefits it extends. 

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