Big Data Analytics: Techniques, Challenges, and Business Applications

BSc (Hons) Business Management
BMP4005
Information Systems and Big Data
Analysis
Poster and Accompanying Paper
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Contents
Introduction p
What big data is and the characteristics of big data p
The challenges of big data analytics p
The techniques that are currently available to analyse big data
p
How Big Data technology could support business, an explanation
with examples p
Poster p
References p
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Introduction
Big data can be defined as collection of data that is huge in volume, and it is
growing exponentially with time. The large size of data is becoming complexity for
the business organizations and the use of dig data analysis help in proper
management of data (Fu, Liu and Srivastava, 2019). This report includes some of the
characteristics of big data to understand the term better. There are certain
challenges related to big data analysis and that are also part of this report. The
techniques that help to manage data are mentioned in the report. At the end there is
discussion related to examples that support the business organizations to manage
their data.
What big data is and the characteristics of big data
Big data is the field that treats ways to analyze and systematically arrange the
data and information to deal with the same. It is use of software that help to manage
the volume of data in proper manner (Cui, Kara and Chan, 2020). It helps to address
the challenges that are being faced by the business organizations. They are able to
tackle the business problems in effective manner. The 5V's of big data helps to
understand its characteristics and they are as follows:
 Volume: The volume of data collected by business organisation is large. The
big organisations collect data from different sources such as social media, IoT
devices, financial transactions, videos, and customer logs (Ristevski and
Chen, 2018). It was problematic for the business organisations to store big
data but with the help of big data analytics they are able to manage and store
the data effectively. The size of data also varies for example size of videos
are in megabytes and on the other side the size of document is in few
kilobytes.
 Variety: The data is available in different variety and it shows another
characteristic of big data. The data is being collected from variety of sources
and that is the reason it becomes difficult to store the data. The data is being
presented in different formats such as PDF, video, audio as well as photos.
 Velocity: The speed at which the data is being generated is known as
velocity. The speed of processing the data is also being checked under this
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