I am going to talk about big data.
Firstly, there are three main characteristics of big data which are high volume, high velocity and high variety information.
The volume is high due to many reasons. Firstly, there are many transaction-based data through many years. Also, the data from social media, machine-to machine data increase the data volume. Big data is being generated by everything around us at all time. Every digital process and social media exchange produces it. During the growth of technology, the storage costs is being low so it can store more data and the volume become higher. However, how to determine relevance within large data volumes is one of a key issues.
Data is streaming really fast. In some aspect such as RFID tags, some sensors and smart metering needing to deal with data in near-real time. Reacting quickly to deal with this fast data velocity is a challenge for some organizations.
Data is diverse and doesn’t fall into neat relational structures. Some of them may be text from social media, image data, a raw feed directly from a sensor source, numeric data, video and financial transaction, etc. None of these come ready for integration into an application.
Here is a video which talks about the 3Vs of Big data.
Through collecting, organizing and analyzing big data, we can discover some useful information. Big data can help organisation identify the data thai is most important to the business and future business decisions such as cost reduction, time reduction, new product development and optimized offerings. There are some examples to determine root causes of failures, issues in near-real time. It can helps some logistics companies to better optimize routes for many packages delivery vehicles. It can generate retail coupons at the sale bases on the customer’s current and past purchases. All these examples show that big data can helps the business in many ways.
Also, the advances in analyzing Big Data allow researchers to decode human DNA in minutes, determine which gene is mostly likely to be responsible for certain diseases and, of course, which ads you are most likely to respond to on Facebook.
France's Orange launched its Data for Development project by releasing subscriber data for customers in the Ivory Coast. Researchers accessed the data and sent Orange proposals for how the data could serve as the foundation for development projects to improve public health and safety by tracking cell phone data to map where people went after emergencies.
http://www.datamation.com/applications/big-data-analytics-overview.html
With the right big data analytics, business can boost sales, increase efficiency, and improve operations, customer service and risk management.
Here is a video which talks about the use of big data.
Confusion or misconception about big data
There are some misconception about big data. Firstly, people may think big data can surely leads to big changes. However, big data is not actionable, even after a data scientist identifies the valuable information. For instance, simply identifying the patients at risk of readmission does nothing to improve those patients' outcomes. All big-data technologies need to create processes so that someone can take the information and implement it.
Also, After mentioning all the benefits about big data in the above part, people may think that big data surely more valuable than little data which means a smaller set of data. However, huge quantity don’t means it also high quality. Even though big data has a huge quantity of information, the quality of that information may not always be what someone is looking for. Sometimes litter data is better than big data that the information of little is more controlled, clean and unique.
Then, someone may think Big data is surely valuable. However, some dtaa itself has no any value until they become sorted, processed and distributed.
Lastly, someone may think that Big data is just for the people in IT. Only they know how to deal with it. But the truth is that 45 percent of big data deployments are for marketing. That means big data is for all the people. Big data can be illuminating and actionable, if you’re willing to dig in on the marketing side.
It is a video which talks aout his opinion about the misconception of Big Data.