Big Data looks like streams of abstract information to many people which is gathered from internal and external sources like CRM systems, customer contact billing, market research, social media, mobile data and more together.
This data must surely be able to deliver value for both the company and the customer through a deeper understanding of customer behaviour, brand performance and market development.
What Big Data promises is at least this but in the real world, it's not that simple.
We already know that nearly Ninety per cent of the data available today was created over the last two years which makes this the age of big data. And as someone popularly put, data is the new oil.
But what does this mean exactly?
Nearly 3 trillion bytes of data and information gets generated daily through our activities on our smartphones, tablets, GPS devices sensors spread all over, Cities Bank cards. What can be done with all this data and more importantly is there something to be gained from it. This is where big data analytics combines high technology systems and Mathematics, which come together to create a capability that can analyse information. This kind of information can generate great value for both companies and countries.
Big data analytics is the study of large, stored data to extract Behaviour patterns.
These data are characterized by the high-speed, they are being generated with the huge volume they represent, the immense variety of typology they encompass and the degree of paralysis
Big data, big benefits in real life
The world generated more than 2000 exabytes of patient records and test results. All this data is generated at a very high speed which attributes to the velocity of Big Data which refers to the various types of data like structured, semi-structured and unstructured data examples that include XL records, log files and the x-ray images.The veracity of the generated data is its accuracy and Trustworthiness. Analysis of all this data will benefit the medical sector by enabling faster disease detection, better treatment at a reduced cost. This is the Value of Big Data.
So How do you go from accumulating and managing the ever-growing mountain of abstract and diverse data to gaining insights for making a substantial impact in creating value with big data analytics?
Well, there are several frameworks around this but one of the main ones comes from America. Their framework applies to any business; they do this not by focusing on the technical abstract side of big data, but by taking a more practical approach starting with the business objectives, to begin with. It takes certain capabilities to define the right questions and to apply analytics that generate the right answers to these questions.