ARTICLE BY- Prabhmeet Kaur Dang BCA, 2nd Year (2nd shift)
What is big data analytics?
Data nowadays is a part of every sector of the global economy and much of modern economic activities could not take place without them. The volume, variety and velocity of data coming into the organizations continue to reach unprecedented levels. This phenomenal growth means that we must understand big data in order to decode the information.
Big data analytics is the process of examining large data sets containing a variety of data types - i.e., big data -- to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. With big data analytics, we analyze huge volumes of data that can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits. Some big data real-time analytics tools are Storm, Cloudera, Grind grain, Spacecurve etc
4 V’s of Big Data
There are specific attributes or characteristics that define big data. These are called the four V’s: volume, variety, velocity, and veracity.
Volume - The quantity of generated and stored data. The size of the data determines whether it can actually be considered big data or not.
Variety- The type and nature of the data. This helps people who analyze it to effectively use the results.
Velocity- The speed at which the data is generated and processed to meet the demands and challenges that lie in the path of growth and development.
Veracity- The quality of captured data can vary greatly, affecting the accurate analysis.
Advantages of big data analytics
Faster, better decision-making
Large organizations want fast and better decisions to be made for their organizations. Faster decisions can be made with real-time analytics that better suit the customer. Insights into competitive offerings, promotions or your customer movements provide valuable information regarding coming and going customer trends.
Perform risk analysis
For success in the company, socio economic factors matter a lot. Predictive analytics, fueled by Big Data allows you to scan and analyze newspaper reports or social media feeds so that you permanently keep up to speed on the latest developments in your industry and its environment.
Keeping your data safe
You can map the entire data landscape across your company with Big Data tools, thus allowing you to analyze the threats that you face internally. You will be able to detect all sensitive information that is not protected in an appropriate manner and make sure it is stored according to regulatory requirements.
Re-develop your products
Big Data lets you test thousands of different variations of computer-aided designs in the blink of an eye so that you can check how minor changes in, for instance, material affect costs, lead times and performance. You can then raise the efficiency of the production process accordingly.
Reducing maintenance costs
Usually, factories estimate that a certain type of equipment is likely to wear out after some years. Consequently, they replace every piece of that technology within that many years, even devices that have much more useful life left in them. Big Data tools do away with such unpractical and costly averages. The massive amounts of data that they access and use can spot failing devices and predict when they will give out. This results in a much more cost-effective replacement strategy as faulty devices are tracked a lot faster.
Reducing errors
Real-time insight into errors helps companies react quickly to remove the effects of an operational problem. This can save the operation from falling behind or failing completely or it can save your customers from having to stop using your products. When organizations monitor the products that are used by its customers, it can actively respond to upcoming failures. For example, cars with real-time sensors can notify before something is going wrong and let the driver know that the car needs maintenance.
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