What is Big Data Analytics?
What is it?
Bigdata refers to information from multiple internal and external sources such as business transactions, social media, enterprise content, sensors and mobile devices. It can be any form of structured, semi-structured or unstructured data. Companies can then use this data to adapt their products or services to better meet customer needs, optimize business operations and infrastructure and find new sources of revenue.
1. Volume - Size of Input
Input is collected from multiple sources and this refers to the "big" size of big data. Big data's task is to convert this into valuable information that can serve as an action point for the business. It employs the use of technologies like Hadoop and more to store the massive data.
2. Velocity - Speed of Data Generation
Things that were not possible with traditional approaches to business are made possible with Big Inputs. Information gains momentum and enables you to take proactive decisions as and when crises or opportunities evolve. As the Big inputs flows in abundance at regular frequencies, it helps businesses and even researchers to make strategic moves, if you can handle the velocity.
3. Variety - Balanced Information from Varied Sources
Different types of data stored in different forms like emails, photos, videos, pdf, audio and more are assimilated into a central repository. Then, it's up to you to make correlations between them and turn it into valuable information.
4. Veracity - Find Meaningful Information from Unstructured Data
Since most of the inputs in big data are unstructured, this might be the biggest challenge to get the right data after separating all the noise and deformity.
5. Validity - Accurate and Relevant Information
Just like veracity, validity refers to relevant information that is accurate enough for its intended use. Valid data is important to make key decisions. So, your business needs to employ the right tools and strategy to help with Big inputs veracity and validity.
6. Volatility - Dealing with the Right Information at the Right Time
How long is the data valid and how long should it be stored in the systems? Big inputs volatility focuses on relevant real-time data that will hold good for your current analysis. You need to determine at what point the data is no longer needed.