Ever heard of the term Big Data? In essence, it talks about the total volume of data that exists today and how companies are relying on this data to perform analytics and enhance their own business opportunities. Simply put, it’s all the data there is and what to do with it. The simplicity and complexity of Big Data is that it’s relatively new so it’s okay not to know what it is. But how do you process the information that’s given to you? That can be a judgment call based on the following points:
7. Engaging its Audience
Earlier, it was about having the information. Today, companies are looking at how to engage their users based on this information. So the world is changing from “wowing our users with statistics” to “how to wow our users based on the statistics”. The data that’s acquired might give its users a pattern, or not. It’ll help analyse what exists and what doesn’t, what is important and what’s not. The bigger picture is to try and pull a larger audience toward you, whether it’s a service, a product, a utility, etc.
6. Consumer Driven
Big Data is primarily consumer driven. There’s no information without consumers uploading it. A stellar example is Flipkart and its review system. It gives the consumers a chance to voice their opinions about a product or seller, which allows other users to process this information and act accordingly. So in a way, Big Data is a collection of likes and dislikes by consumers. A staggering 66 % of Big Data is consumer driven, so it shouldn’t be taken lightly.
5. Cloud Processing
There’s just so much of data to process (almost 4.5 TB a day) that it seems impossible to handle without a server-like device. The answer to this is cloud computing. Clouds act like an external storage device which allows its users to upload, store, process and download information of nearly unlimited capacity. The ability to share this information with others makes it even more attractive. As of today, nearly 25 % of all the data that exists is on the Cloud, and it’s estimated to move up to 40 % within the next 5 years. So it’s safe to say that Big Data is slowly migrating onto the Cloud.
4. Unlimited Potential
Did you know that only 5 % of all the data that exists is being analysed? That mean that over 95 % of the total data isn’t even being touched, even with all the enterprises that exist today. With so much information at hand, I wonder why companies aren’t looking into Big Data yet. Maybe because it’s a relatively new concept which only the most successful enterprises (like Google) actually manage to follow. So if you’re thinking of a way to being a new venture, maybe Big Data is the way to go. And don’t forget to keep looking and analysing. That’s the trademark of any successful business.
3. Speed is Always the Key
NoSql is a mechanism which modifies the way data is accessed and stored. The key to Big Data is NoSql, which allows you to do more in less time. Another popular aspect of NoSql is the speed of interaction when coding. Users can increase the speed at which they code and create applications and its iterations, which reduces the overall development cycle. The world is too fast for its own good, so it’s always handy to keep up with the current trends, and NoSql is the current trend in Big Data.
2. Reducing the Total Cost of Operation (TCO)
Simplifying data processing and using Clouds to store, modify and retrieve data is crucial in the reduction of Total Cost of Operation. The TCO is always an important factor during the development phase, which will affect the time period of application creation and deployment. A Cloud, although a slightly expensive initial investment, provides a way to reduce the total cost over time and simplifies the deployment and management of applications over the air. Handling larger chunks of data on a private server heavily reduces the complexity in storage and retrieval of data, which ultimately reduces the cost. So it’s worth looking into NoSql and Clouds if your data and deployment processes are affecting your business.
1. Smartphones and The Internet of Things
Almost a quarter of the data being produced today manifests either in the Mobile and related platforms (Pad, tablets, sims, smart cards, laptops, etc.) or through the Internet of Things. Larger importance is being given to smart homes and appliances, which have the capability to analyse and process data of their own. For example, smart fridges today can alert you when there’s no milk in the fridge, even if you’re not at home. This data is critical to the user, especially if everything in his world is interlinked. So it’s very important to understand the shift in trends and a majority of the data will be generated though portable device or smart appliances. Analysing this data is a must in today’s rapidly advancing world.