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Business Intelligence Discussion: What Is Big Data & Analytics?

bigdata-infography

Defining Big Data Big data is not a single technology but a combination of old and new technologies that helps companies gain actionable insight. Therefore, big data is the capability to manage a huge volume of disparate data, at the right speed, and within the right time frame to allow real-time analysis and reaction. As we note earlier in this chapter, big data is typically broken down by three characteristics:

 

  • Volume: How much data
  • Velocity: How fast that data is processed
  • Variety: The various types of data

 

Although it’s convenient to simplify big data into the three Vs, it can be misleading and overly simplistic. For example, you may be managing a relatively small amount of very disparate, complex data or you may be processing a huge volume of very simple data. That simple data may be all structured or all unstructured. Even more important is the fourth V: veracity. How accurate is that data in predicting business value? Do the results of a big data analysis actually make sense?

 

It is critical that you don’t underestimate the task at hand. Data must be able to be verified based on both accuracy and context. An innovative business may want to be able to analyze massive amounts of data in real time to quickly assess the value of that customer and the potential to provide additional offers to that customer. It is necessary to identify the right amount and types of data that can be analyzed to impact business outcomes. Big data incorporates all data, including structured data and unstructured data from e-mail, social media, text streams, and more. This kind of data management requires that companies leverage both their structured and unstructured data.

 

The cycle of big data management illustrates that data must first be captured, and then organized and integrated. After this phase is successfully implemented, data can be analyzed based on the problem being addressed. Finally, management takes action based on the outcome of that analysis. For example, Amazon.com might recommend a book based on a past purchase or a customer might receive a coupon for a discount for a future purchase of a related product to one that was just purchased.

 

Companies have always had to deal with lots of data in lots of forms. The change that big data brings is what you can do with that information. If you have the right technology in place, you can use big data to anticipate and solve business problems and react to opportunities. With big data, you can analyze data patterns to change everything, from the way you manage cities, prevent failures, conduct experiments, manage traffic, improve customer satisfaction, or enhance product quality, just to name a few examples. The emerging technologies and tools that are the heart of this book can help you understand and unleash the tremendous power of big data, changing the world as we know it.

 

 

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