A lot of buzz is created nowadays around “Big Data”. There are some staunch believers of this and there are some who dismiss this as a bubble destined to subside. Companies such as facebook and amazon are already using this. Lets try to understand this whole thing.
The world today is generating data at a frenetic pace. Statistics are available on the net that the data is doubled in every X days. The good thing about this data is that it is available and potentially contains useful information. What’s not so good is how to process this information and use it effectively.
The market place has become competitive and will be becoming more in years to come. The key to growth (and survival) is innovation. Big Data can help in uncover the strategies which can help in making the difference. Big Data though, is not a “magic wand” or “one size fits all” approach, rather it will require careful strategising and planning to achieve something tangible. The following sections will discuss the various facets.
Big data can be defined as data which has:
3. variety and
The world is producing data with great velocity. We heard nowadays that petabytes do not amaze us anymore. The data is varied today, as well, e.g. structured, semi structured and complex. The fourth one, value, is not so straightforward. The value is something whose unlocking is important. Organizations can well today with Big Data if they succeed in defining
1. What they want
2. They understand about the data they need
3. They understand the data that they have which can be used.
4. They know where to look for the data which they need.
The first and foremost on the list is defining the problem. Once you have this then the next stage of understanding and getting data can be achieved. This requires investment, intellectual, financial and time.
The next stage is analysis once you have your data with you. This analysis should be something which can aid you invgetting what you want and help you with the business.
Above is a very brief about big data. There is lot of buzz nowadays. if we look at the example of dotcom bubble, it did not do well earlier, but if you look today, then e-commerce is not only thriving, rather it has become the vehicle of business. Same could be the case with Big Data, because it has the value to transform today’s businesses. The trick lies in getting this unlocked.