Everything we do online leaves a digital trail, which results in humongous amounts of data and information. With increasing cyber activity all over the world, the data being collected at every level is increasing manifolds. Most of it goes unused. But when processed and analyzed correctly, this big data can help enterprises and businesses in amazing ways including effective marketing, new opportunities for revenue generation, better customer service, competitive advantages and a lot more.
According to TechAmerica Foundation, “Big data is a term that describes large volumes of high velocity, complex and variable data that require advanced techniques and technologies to enable the capture, storage, distribution, management, and analysis of the information.”
Most of the big data being collected all over is not being completely utilized. Data is only valuable if correct information is extracted out of it. Traditional data analytics or management systems are not equipped to handle huge amounts of data. This is where big data analytics comes into the picture. Big data analytics is a process using which large data sets are examined, through which hidden patterns, market trends, customer preferences, unidentified correlations, and a lot more is uncovered.
Big data is a term that is used to describe huge amounts of structured, semi-structured, and unstructured data. The main challenge of big data analytics lies in its three characteristics or three V’s namely volume, velocity and variety. Such huge or voluminous data comes from numerous different sources, existing in a variety of file types. Velocity refers to the speed at which this data is being generated, and also the speed at which it needs to be analyzed and acted upon. It requires the analyst to have a detailed understanding of the available data along with a fair idea of what results or answers are being looked for. Cost-effectiveness for an enterprise to carry big data analytics is a big challenge. Another major challenge is the dependence on human analysts to understand and process the data. There’s a dearth of experienced analysts and data scientists who have worked extensively with big data.
Data in itself is just a big mass of information but processing it gives it meaning and shape. The result can be a source of immense knowledge. Enterprises can gain rare insights into the business and can in turn take more informed actions and decisions along with gain cost-efficiency in the long run. Creating new products to perfectly meet the needs of the customers is another advantage a business can gain through big data analytics. Every sector, be it retail, hospitality, health care or even government agencies are using big data analytics to leverage business.
With increase in data there’s also a leap in the ability to organize and analyze it. For achieving these goals there’s an increasing need of well-trained and experienced data analysts, data scientists, and also data engineers. There are numerous software, programming languages, and processes that aid data processing.
As far as career opportunities are concerned, big data analytics offers a sea of opportunities for well-trained and driven individuals.