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What is Big Data?

October 22, 2014

What is Big data

Big Data refers to problems in capturing, storing, managing and analyzing massive amounts of various types of data

Big data is high Volume, high Velocity, and/or high Variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization.

Essential aspects of a Big Data project include: data acquisition, storage, optimization, as well as data analysis, visualization, classification and prediction.

Big Data is more than just data volume or size – it is about generating valuable insights from raw data, which requires timely access to large amounts of integrated data.

Discovering those insights could create huge opportunities to transform business, whole industries, and even the quality of our lives.

Big data is difficult to work with using most relational database management systems and desktop statistics and visualization packages, requiring instead “massively parallel software running on tens, hundreds, or even thousands of servers”.

Business Intelligence and Big Data

Although some people might think that a Big Data case is just the same as a Business Intelligence case, but just with higher amount of data, is not quite that.

The difference between Business Intelligence and Big Data encompasses also the type of use of the data:

  • Business Intelligence will use mainly descriptive statistics to measure things and detect trends
  • Big Data will use mainly inductive statistics and concepts from nonlinear system identification to infer laws (regressions-hoi quy, nonlinear relationships, and causal effects) from large sets of data with low information density to reveal relationships, dependencies and perform predictions of outcomes and behaviors.
  • Big Data exploitation is a strategic imperative.

Business Challenges

Some of the main business challenges that could be addressed with Big Data solutions could be:

  • Instant Prediction of market trends from massive amounts of data in real-time with maximum accuracy
  • Maximize productivity using predictive maintenance and automated management of machinery and systems
  • Identify Assets within an impending storm or hazard area and plan appropriate response and actions
  • Monitor and analyze all deviations, bottle-necks and quality issues in your production process
  • Provide highly personalized offers and exceptional service levels to every customer in real-time based on their precise location
  • Predict, forecast and optimize for greater insights & organizational performance
  • Search and analyze unstructured and multi-media data combined with enterprise data for broader insights
  • Prevent accidents with real-time response to location and environmental change

http://salvadorgimeno.com/so-what-is-big-data-i/

 

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From → Business, DBA

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