“Big data” is high-volume, velocity, and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.”
Big Data refers to complex and large data sets that have to be processed and analyzed to uncover valuable information that can benefit businesses and organizations.
However, there are certain basic principles of Big Data that will make it even simpler to answer what is Big Data:
- It refers to a massive amount of data that keeps on growing exponentially with time.
- It includes data mining, data storage, data analysis, data sharing, and data visualization.
- The term is an all-comprehensive one including data, data frameworks, along with the tools and techniques used to process and analyze the data.
Types of Big Data
Now, let’s have a look at the types of big data:
Structured
Structured is one of the types of big data and By structured data, the data can be processed, stored, and retrieved in a fixed format. It refers to highly organized information that can be readily and seamlessly stored and accessed from a database by simple search engine algorithms. For example, the employee table in a company database will be structured as the employee details, their job positions, their salaries, etc., will be present in an organized manner.
Unstructured
Unstructured data is data that either does not have a predefined data model or is not organized in a predefined manner. This makes it very difficult and time-consuming to process and analyze unstructured data. Email is an example of unstructured data. Structured and unstructured are two important types of big data.
Semi-structured
Semi structured is the third type of big data. Semi-structured data pertains to the data containing both the formats mentioned above, that is, structured and unstructured data. To be precise, it refers to the data that although has not been classified under a particular repository (database), yet contains vital information or tags that segregate individual elements within the data. Thus we come to the end of types of data.
Lets discuss the characteristics of data.
Characteristics of Big Data
3 ‘V’s of Big Data – Variety, Velocity, and Volume.
Let’s discuss the characteristics of big data.
1) Variety
Variety of Big Data refers to structured, unstructured, and semistructured data that is gathered from multiple sources.
2) Velocity
Velocity essentially refers to the speed at which data is being created in real-time.
3) Volume
Volume provides the amount of data and the form of data as we already know that Big Data indicates huge ‘volumes’ of data that is being generated on a daily basis from various sources like social media platforms, networks, human interactions, etc. Such a large amount of data are stored in data warehouses.
Advantages of Big Data
- One of the biggest advantages of Big Data is predictive analysis. Big Data analytics tools can predict outcomes accurately, thereby, allowing businesses and organizations to make better decisions, while simultaneously optimizing their operational efficiencies and reducing risks.
- Big Data analytics could help companies generate more sales leads which would naturally mean a boost in revenue.
- Businesses are using Big Data analytics tools to understand how well their products/services are doing in the market and how the customers are responding to them. Thus, the can understand better where to invest their time and money.
Applications of BIGDATA:
- Healthcare
- Academia
- Banking
- Manufacturing
- IT
- Retail
- Transportation
Why is Big Data Important ?
The importance of big data does not revolve around how much data a company has but how a company utilises the collected data. It helps the organizations to create a new growth opportunities entirely new categories of companies that can combine and analyze industry data.Every company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow. The company can take data from any source and analyse it to find answers which will enable:
- Cost Savings
- Time Reductions
- Understand the market conditions
- Control online reputation
