18 Jun What Is Big Data | Data Analysis
Big data is data sets that are so voluminous and complex that traditional data-processing application software are inadequate to deal with them. Big data challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source. There are a number of concepts associated with big data: originally there were 3 concepts volume, variety, velocity. Other concepts later attributed with big data are veracity (i.e., how much noise is in the data) and value.
Predictive Analytics
The term “big data” tends to refer to the use of predictive analytics, user behaviour analytics, or certain other advanced data analytics methods that extract value from data, and seldom to a particular size of data set. “There is little doubt that the quantities of data now available are indeed large, but that’s not the most relevant characteristic of this new data ecosystem.” Analysis of data sets can find new correlations to “spot business trends, prevent diseases, combat crime and so on.” Scientists, business executives, practitioners of medicine, advertising and governments alike regularly meet difficulties with large data-sets in areas including Internet search, fintech, urban informatics, and business informatics. Scientists encounter limitations in e-Science work, including meteorology, genomics, connectomics, complex physics simulations, biology and environmental research.
Data sets
Data sets grow rapidly – in part because they are increasingly gathered by cheap and numerous information-sensing Internet of things devices such as mobile devices, aerial (remote sensing), software logs, cameras, microphones, radio-frequency identification (RFID) readers and wireless sensor networks. The world’s technological per-capita capacity to store information has roughly doubled every 40 months since the 1980s; as of 2012, every day 2.5 exabytes (2.5×1018) of data are generated. Based on an IDC report prediction, the global data volume will grow exponentially from 4.4 zettabytes to 44 zettabytes between 2013 and 2020. By 2025, IDC predicts there will be 163 zettabytes of data. One question for large enterprises is determining who should own big-data initiatives that affect the entire organization.
Characteristics of Big Data
Big data can be described by the following characteristics:
Volume – The quantity of generated and stored data. The size of the data determines the value and potential insight, and whether it can be considered big data or not.
Variety – The type and nature of the data. This helps people who analyze it to effectively use the resulting insight. Big data draws from text, images, audio, video; plus it completes missing pieces through data fusion.
Velocity – In this context, 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. Big data is often available in real-time.
Veracity – The data quality of captured data can vary greatly, affecting the accurate analysis.
Factory work and Cyber-physical systems may have a 6C system:
Connection (sensor and networks)
Cloud (computing and data on demand)
Cyber (model and memory)
Content/context (meaning and correlation)
Community (sharing and collaboration)
Customization (personalization and value)
Bid Data Uses
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as
1.Determining root causes of failures, issues and defects in near-real time.
2. Generating coupons at the point of sale based on the customer’s buying habits.
Recalculating entire risk portfolios in minutes.
3. Detecting fraudulent behaviour before it affects your organization.Data must be processed with advanced tools (analytics and algorithms) to reveal meaningful information. For example, to manage a factory one must consider both visible and invisible issues with various components. Information generation algorithms must detect and address invisible issues such as machine degradation, component wear, etc. on the factory floor.