It seems to be the latest buzzword around tinsel town, but understanding the world of big data sounds like a never ending battle – it doesn’t have to be that way, if you have a general understanding of it you can approach it in a resourceful manner. So what is big data really and what are the possibilities?
Big data is a name used to describe the huge volume of both structured and unstructured data that is so large it surpasses that of a process using traditional methods of sorting and using traditional techniques. It is a never-ending accumulation of information that grows alongside the rapid growth of technology and is able to help us continuously innovate and approach areas of different possibilities. Imagine millions and billions of records and information from all the different mediums like social media, customer details, on going online trends, sales and general information that is messily structured and is not quite fully there, sitting in your database with only around 10% of the information being utilized properly. Sounds like a waste of valuable information.
It is a waste of information and it needs to be used! The only real challenge about big data is that it’s still pretty new to a lot of users and we’re still developing software’s and acquisitions, like the current program MapReduce or companies like Hadoop, to help access data from large datasets of storage and allow the data to be sorted and grouped. Following from that, sifting out the natural language, which is human-created text, which could come from social media data from the previous 12 months or so. This is only 2 processes of sifting through information, it’s a full on process but completely worth it in the end.
With most things slowly transitioning to real time technologies, socialmedia today suggest that big data has the potential to increase profitability in virtually any industry you could think of. This is because, with the right technologies and software, information is readily available which can lead companies to retrieve quicker responses and take action faster. Some examples of this are industries like medicine, patient records and other medical data can be collaborated internationally, increasing the efficiency in medical practices and more precise treatment given to patients. In retail you can keep track of a customers purchase history allowing the sales representative to increase their chances of an up sell due to the personalized information shared between the company and staff.
If you can, start doing your research and get ahead of others in this digital world.