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

BSc (Hons) Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Summary Paper
1

Contents
Introduction
What big data is and the characteristics of big data
The challenges of big data analytics
The techniques that are currently available to analyse big data
How Big Data technology could support business, an explanation
with examples
References
Appendix 1: Poster

Introduction
There are various kinds of data which are stored by organisations for their future use.
Such data and information are managed in structure wise, semi structure wise as well
as in unstructured way (Hancock and Khoshgoftaar, 2020). There are huge data which
is managed by a company. These data is related to the purchase history of customers,
inventory history of company, personal data of employees and many others. The
following report covers characteristics of big data, challenges of big data analytics,
techniques that are currently available to analyse big data and the explanation of how
big data technology could support business.
What big data is and the characteristics of big data
There are main six characteristics of big data which are mentioned below-
Volume- It means the size and amount of data and information which is required to
manage by companies for effective functioning of their organisation.
Value- It is considered as one of the most important characteristic of big data because it
will define the value or importance of data which is managed by companies for their
effective management of operations (Hasan, Popp and Oláh, 2020). Companies did not
save each kind of data, they only focused to manage those business data which has
importance in organisational growth mainly which leads to maintain effective
relationship with customers.
Variety- It consist of different and large variety of data which is managed by a company.
Usually there are three varieties of data such as structured, semi-structured and
unstructured data (What are the 5 V's of Big Data?, 2022).
Velocity- It means the speed at which company collect, store and use the data for their
organisational benefit. It is essential for a company to gain high speed to manage their
data effectively because quick management of data will help them to focus on making
quick organisational decisions.
Veracity- The reliability and truthfulness of data is considered as veracity. It is essential
for a company to collect and store actual data rather than any hypothetical data. This
will help executives to make decisions on actual business factors. It will also determines
executive-level confidence.