What is Big Data?
Big Data (BD) is a term referring to a huge and complex set of data which traditional data processing tools and applications cannot handle.
However, BD contains much worthy information. If it can be exploited properly, it will help a lot of business, scientific research, predicting outbreaks and even determining real-time traffic conditions. There is a reason why these data should be collected, organized, stored, searched and shared by a more special method than usual.
How is it applied in life?
As the concept of “no stranger in the field of technology”, some areas such as retail, marketing, education, governance, etc. has used BD most extensively. And retailing is the largest data mining industry nowadays.
Skills for Big Data
Big Data and BD Analysis request specific skills, throughout an organization or outside experts.
A lot of skills are related to data technology like Hadoop, Spark, NoSQL, the database of memory and analyzing software.
Other specific areas are on principles such as data science, data exploitation, parsing statistics and volume, data imagination, program general target, structure data, and algorithms.
However, the popularity of data analyzing project and the lack of human resources for the above skills have led to the challenges of finding senior experts.
Which case uses Big Data?
Big Data and BD Analysis can be applied in a wide range of businesses. In each specific case, the business use BD in a different way, below are some examples:
- Analyzing clients: The companies will check data of clients to improve customers’ experience, improve conversation rate. Therefore, they can maintain the number of loyal customers.
- Analyzing activities: Raising activity result and better-utilizing company’s assets are the goals of many companies. Analyzing BD could help businesses operate more efficiently and improve their performance.
- Prevention of frauds: Data analysis can help the organizations definite the doubted activities as well as point out fraud activities, and then decrease risks
- Price optimization: The companies can use the analysis of BD in price optimization for products and services, in order to increase revenue.
Trends for Big Data applications in 2018
BD is a collection of data that is often taken from many different sources and its capacity is out of the control of traditional applications and tools. Size of BD is more and more increase, and by 2012 it can range from several dozens of terabytes to multiple petabytes (1 petabyte = 1024 terabytes) for a dataset.
The consumption of a large amount is expected to be more popular with everyone by many experts. Besides that, they will expand and apply Big Data to solve everyday problems and meet the basic human’s demands. A little further, BD application can also support the organizations, government to predict unemployment rate, career trend in the future, in order to invest in those sectors, or cut off spending, stimulate economic growth.
In general, all of the data styles important with business, even small data or big data.
While small data is only effective for small businesses, in order to take the next step in development, BD is a great value for research, analysis of customer demands and development opportunities.
Feel free to send us any question in the comment below or send us an email. See you!
Anh Vu
References
Big Data Analytics in Life Sciences and Healthcare: An Overview, Knowledgent
8 BD Examples Showing The Great Value of Smart Analytics In Real Life At Restaurants, Bars and Casino, Datapine
Big Data Analytics, EY
Big Data Analytics – Data Life Cycle, Tutorialspoint
Big Data: Can it really change our lives? , Philips.com
What can BD do for you? , Europa.eu