Table of Contents What is Big Data? 3 How is it adding value to organizations? 3 Importance of value chain in Big Data 4 Current Trends in Big Data across the Globe and in India 4 Growing Data: 5 Growth by Region 6 Service Providers for Big Data 8 Growth Prospects in Big Data 9 How is the Big Data useful for Industries 10 Measuring Value of Big Data 14 Key Challenges in Big Data 14 What is Big Data? According to Forbes – Big Data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis. According to Gartner – Big Data is defined as high volume, velocity and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making. According to IBM – Big Data is more than simply a matter of size; it is an opportunity to find insights in new and emerging types of data and content, to make your business more agile, and to answer questions that were previously considered beyond reach. According to Mckinsey – Big Data refers to data sets whose size is beyond the ability of typical database software tools to capture, store, manage and analyse. How is it adding value to organizations? Organizations are beginning to use Big Data to gain competitive advantage by enhancing business, predict consumer and buying behaviour and reducing cost by optimizing the operational processes. As opposed to more traditional business intelligence systems, Big Data techniques allow institutions to analyse data for patterns more quickly and at a much lower cost. More accurate analysis leads to more confident decision making which leads to greater operational efficiencies, ... ... middle of paper ... ...o analyze sales trends to keep its manufacturing efficient. Benefits of Big Data: a. To detect product defects and boost quality b. To improve supply planning c. Better detection of defects Measuring Value of Big Data Measuring the value of Big Data initiatives keeps the organizations focused and aligned with the needs of the enterprise. Without objective driven approach, organization may end up spending more than expected to achieve desired goals. Key Challenges in Big Data We can classify the challenges in three key strategic and operational areas: 1. Information Strategy a. Analyze which investments will deliver the most business value and ROI. b. By 2015, Gartner predicts that 4.4 million jobs will be created around big data. There will be shortage of skilled resources. 2. Data Analytics 3. Enterprise Information Management
Big Data is characterized by four key components, volume, velocity, variety, and value. Furthermore, Big Data can come from an array sources such as Facebook, Twitter, call
The creativity and ingenious of human beings has enabled the development of technologies that have overall, benefited all of mankind. Arguably one of the most if not the most pivotal man made technological achievement is that of the internet. The internet has allowed for the seeming less transfer of data and information in a matter of seconds. With this innovation has come an increase in communication, enhancement of understanding other cultures, and a mass gathering of data. The amount of data now in existence due to the internet has created the need for big data. Big data has developed as a solution to the traditional computer infrastructure that has become obsolete due to its inability to handle the massive amounts of data now in existence. The benefits of big data are ever expanding and attractive as it can improve the efficiency of companies, research, health sciences yet, the consequences of using big data are just as intensifying and are causing some backlash in many communities. The current issues surrounding big data and the increasingly dependent nature of the world’s people on big data will undoubtedly impact the use of big data in the future.
Big Data has become very popular now-a-days, because of the unlimited data coming from various sources and is difficult to handle by data base management systems. As the information that is gathered from different sources is very large and complex, it has become complex and not easy to process all the information through traditional way of data processing. And here it comes big data into a picture. It’s one of the most popular technologies which have its applications in almost every field. This paper explores the value of real time big data in education, and health care. “Big Data is when your data becomes so large that you have to start innovating how to collect, store, organize, analyze and share it”. (Gobble, MaryAnne M., 2013)
The key strategy implementation efforts at Amazon all surround the use of “big data”. Big data is the growth and availability of large volumes of structured/unstructured data. The use of big data has allowed decision making based upon data and analysis instead of past experience and intuition. Big data has directed organizational change in allowing Amazon to expand from an online book store to an internet giant. Revolutionary application of big data has allowed Amazon to create superior service quality while motivating employees by providing real time information to solve customer issues. Big data has strengthened Amazon’s competitive capabilities by pioneering the application of big data and charging a monthly fee to smaller businesses
If auditors can look at a complete population, they may not have a great defense if they missed a “smoking gun” since they looked at all the data (Alles and Glen). However, this data may not be valid which raises the importance of the auditor understanding where the data came from and how reliable it is. Not only this, it will be interesting to see how standards consider big data evidence. While it most likely will not be as reliable as confirmations, it would be a challenge to figure out how much the auditors could rely on it. Furthermore, higher education would most likely play a role in helping their graduates understand data and how to use technology to be not only more efficient but also ensure they are able to use sound professional judgement while using big data.
Now days, companies are searching for new ways of gathering data so that they can get useful data in order to make well informed decisions regarding the market they are operating in. Google analytics is considered one of the best tools offers extensive amount of data to business owners for free. However, the success of business is highly depended on how well they can arrange data and customize their collected data corresponded to their business priorities. Google analytics provides beneficial information for companies regardless of their extent of operation.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
Big Data is a term used to refer to extremely large and complex data sets that have grown beyond the ability to manage and analyse them with traditional data processing tools. However, Big Data contains a lot of valuable information which if extracted successfully, it will help a lot for business, scientific research, to predict the upcoming epidemic and even determining traffic conditions in real time. Therefore, these data must be collected, organized, storage, search, sharing in a different way than usual. In this article, invite you and learn about Big Data, methods people use to exploit it and how it helps our life.
In the beginning, businesses used information technology for automating the processes primarily to reduce labor costs. Subsequently, information technology is used for delivering information with speed and accuracy.
“The Big data phenomenon is driven by staggering and energizing advances in innovation. Exploiting these advances in the agricultural division could require new hierarchical linkages to be shaped – amongst suppliers and clients and among contenders.
For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
Effectively, big data provides the companies with the opportunity to know and understand their customers. With Big Data, a company holds a lot of information about their customers, such as their habits, what is the product they prefer, the time they make purchases, how many products they buy and what kind of promotion their prefer. Then they can make a relation with who the person is, age, gender. Thus they can adapt their offer to the customer. If you are a good client, you can have private discount, or more discount. The objective is to know personally your customer to make them feeling unique.
The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future.
Adopting big data can also help the banking industry by saving them from lots of embarrassment resulting from increase in the number of customer which in turn requires banks to improve on their performance. As stated earlier banks are entrusted with lots of information and this information must be safe will be required to be accessed ready and in a timely fashion. The use a normal small database will not be enough to perform this operation and if banks don’t embrace the use of big data they might start to experience failure in there system.