Big Data Analysis: Characteristics, Challenges, Techniques and Business Support

BSc (Hons) Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Summary Paper
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Contents
Introduction 3
What big data is and the characteristics of big data 3
The challenges of big data analytics 4
The techniques that are currently available to analyse big data
5
How Big Data technology could support business, an explanation with
examples 6
Conclusion 7
References 8
Appendix 1: Poster 9
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Introduction
Big data is consist of collecting, storing and managing huge data sets of companies
effectively to achieve organizational goals. Today, most of the companies use
various kinds of software and methods to manage their big data (Hariri, Fredericks
and Bowers, 2019). The data which is collected and stored by companies are related
to customer's purchase history, inventory records, and many others. This data is
used for making decisions for organizational growth. The following reports cover
characteristics of big data, challenges of big data analytics, techniques that are
currently available to analyze big data ,and the reason tow big data technology could
support business with appropriate examples.
What big data is and the characteristics of big data
Big data consist of those data which are too large in size and which are tough to
manage with traditional method of data management. There are few of the
characteristics of big data which are mentioned below-
1. Value- It consist of importance of data. The companies are required to collect
only those data which helps them to improve their productivity and profitability
(Müller, Fay and Vom Brocke, 2018). Most of the companies mainly focus to
collect and manage those data which will help them to maintain good
relationship with their customers.
2. Volume- It consist of amount and size of big data which is analyzed by
company. Usually big data consist of those data which are stored in huge
numbers even at millions.
3. Velocity- It include the speed at which any company collect, store and
manage data for their organizational use (What are the 5 V's of Big Data?,
2022). It is important for companies to increase this speed and maintain the
speed high so that they can perform their operations quickly by taking quick
decisions which are based on such big data sets.
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