BENEFITS RELATED TO BIG DATA ANALYSIS

We already know how big data is defined and how important it is as a part of data science. Big data usually stands for large chunks of multidimensional data. This much amount of data cannot be handled by humans alone. If they were to be handled by humans, it would take a lot of time and effort and yet the results would be inaccurate. Hence Big Data Analytics came into the picture. As we know that data sciences growing exponentially these days, Big Data Analytics as a part of data science is really important for business firms and organizations and hence has caused the creation of a lot of job opportunities for people. Big Data Analytics is not only about analyzing data. There is a lot more to Big Data Analytics. It comprises of strategies to handle data, and various terminologies related to it. We will discuss some of the basic terminologies related to Big Data Analytics in this article.

What is the power of Big Data Analytics?

There was a time when all the business decisions were taken on the basis of experience of the people working in that business firm and some general intuitions of people working in that firm. But nowadays it is seen that this is not a very good process or method for taking good and informed business decisions. This is mainly because intuitions are not always connect and also it is seen that many times, there is a lack of experience in a business firm because not only business firms, but all kinds of firms have become very dynamic these days. Every year they are hiring new talent and people who have worked for the most part of their life in that firm are retiring. Hence we can analyze to predict outcomes of various business decisions by analyzing past outcomes and keeping in mind the current condition of the business firm also.

How does it help business firms?

How does Big Data Analytics help business firms grow? By analyzing various terms of multidimensional data, business firms can know what kind of decisions have been successful in the past and have been appreciated by the general public. Similarly it helps them to know what kind of decisions were a fail and not welcomed by the public and their general users. Hence, they can modify their future decisions accordingly. Big Data Analytics also helps to analyze and learn from various feedbacks given by the users so that the business organization can have a decent introspection as to where it is going wrong and what are the areas where it needs to improve.

What are the 3 Vs of Big Data Analytics?

The 3 Vs of Big Data Analytics are Volume, Variety and Velocity. These are really helpful for defining the type of data in Big Data Analytics. Volume means the amount of data that has been gathered, variety means the type of data and similarly velocity means the speed at which the data is being processed. It is very useful for Big Data Analytics.

From the author’s desk

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