Big Data: Characteristics, Challenges, Techniques and Business Support

This report explains the characteristics, challenges, and techniques of using big data. It also explains how big data technology can be used to support business along with examples. The report highlights the importance of big data in making strategic decisions and gaining a competitive advantage.

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Explaining big data and its characteristics.............................................................................1
Describing challenges of big data analytics...........................................................................2
Explaining techniques available analysing big data..............................................................3
Explaining how big data technology support business along with appropriate examples.....4
CONCLUSION................................................................................................................................5
POSTER...........................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Big data is concerned with large, hard manage volume of information in both structured
and unstructured form that provides assistance in formulating strategic decision. In the current
era, there is higher requirement to get effective decision-making by using big data in turn
competitiveness to get desirable outcome. Big data has been in use since early 1990s that is
founded by Roger Mougalas that has been applied to understand existence of it. The current
report will pay attention on involving characteristics, challenges, and techniques of using big
data. Present report will pay attention on explaining how big data technology can be used to
support business along with example.
MAIN BODY
Explaining big data and its characteristics
Big data is one of the significant factor that contributes in formulating effective decision
for the purpose of gaining ability to accomplish objectives of firm. It basically provides insights
to improve the ability to make decision so that competitiveness can be achieved (Zhang, 2018).
There are few characteristics of Big Data (BD) which in evaluating appropriate selection of
factors in order t o make effective decision. Features of BD are as follows:
 Velocity is found to be important as compared to the other feature as creates speed by
which data can be formulated in real time. It contains linking of incoming data sets
speed, rate of change ,etc.
 Variety is concerned with obtaining data from the different type of big data that
comprises structured, unstructured and semi structured. This varied form of data permits
to get appropriate ability to gain significant information in turn better capabilities to
make decision.
 Volume is refers to the enormous size that has been gathered from the different sources.
It is one of the crucial feature of big data as the name depicts (Chin, Li and Chen, 2017).
In addition to this, it allows company to make sure that higher number of data gathered
to make effective decision.
 Value is associated with transferring tsunami of data into business. It is one of the
significant feature of BD as helps in getting valuable, reliable data that can be stored,
process and analyze.
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 Veracity means how much the data is reliable so that significant ability to achieve higher
accuracy & efficiency can be achieved. This provides assistance in eliminating
inconsistencies & uncertainty from the data.
Describing challenges of big data analytics
There are a number of challenges that can be occurred while utilizing big data. It becomes
essential to pay attention on gaining information regarding issues that can harm efficiency for
making decision (Uchibeke and et.al., 2018). It involves lack of knowledge possessing
professionals, absence of proper understanding of massive data, growth issues, confusion while
big data selection, integration big data from spread of sources, etc.
 The one of the significant issue that require focus in order to eliminate inappropriateness
which inability to integration of data from spread sources. Data in company are
gathered from number of sources for getting information like structured, unstructured,
etc. there is requirement to make appropriate integration among all the types of data. It
allows making significant coordination and integration in turn better availability can be
achieved.
 Data growth issue is as well require attention as big data refers to achieving large
volume of information so that depth insights about the particular subject like consumer
behavior, market trends, etc. can be obtained. It makes difficult to store, analyze and
control information in respect to make it organized for having higher extent of accuracy,
reliability, etc. in creation of data.
 Confusion while selection of big data tool as well contribute in hindering performance
of company as it is considered as one of major issue of BD. Having proper tool for giant
data analysis and storage accuracy, efficiency, effectiveness, etc are highly needed for
obtaining for inclining growth & development of company. There is requirement to
highlight proper information by applying suitable which is major issue.
 There is availability to massive information in big data that creates problem for
company while utilizing BD. It becomes essential for the enterprise to pay attention on
deriving understanding of vast information but not possible due to continuous changing
nature of market. It leads to create lack of understanding among professionals.
Sourcing data from the different sources is as well difficult which lad to create
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inefficiency and extent of accuracy that has impact on strategic formulation of policies,
strategies, etc.
 Lack of knowledge is as well important issue that is required to take into consideration.
The reason behind considering it as one of the crucial issue due to changing
circumstances firm is require adopting advanced technologies which needs higher skilled
and trained professionals. From the valuation it can be articulated that these all problems
highly affect business processing in turn greater ability to coordinate with changing
circumstance.
Explaining techniques available analysing big data
There are several methods that can be utilized by company for analyzing big data in turn
effective utilization can be done. It involves strategies like association rule learning,
classification tree analysis, genetic algorithms, machine learning, regression evaluation,
sentiment ascertainment, social network analysis, data mining, NLP (Natural language
Processing), statistics, A/B testing, etc. Each technique is useful in assessing the information in
respect to make evaluating big data so that accurate and effective functioning can be derived by
eliminating insignificant aspects.
 A/B testing is considered to be crucial method of analyzing big data as includes
comparing a control group with variety of test groups that helps in improving given
objective variable in turn higher effectiveness can be achieved (Zhou and et.al., 2021).
 Data fusion and data integration is one of the crucial method that is useful in analyzing
and integrating the multiple sources and solutions so that effective insights for having
more accurate and relevant information for accomplishing objective of data can be
derived.
 Data mining extracts the pattern from the large data sets by combining methods from
statistics and machine learning, so that appropriate data management can be exerted.
NLP is sub specialty of compute science, artificial intelligence and linguistic analysis
tool that uses algorithms to evaluate human behavior.
 Statistics is used to collect, organize and interpreting data so by involving surveys and
experimental so that higher information can be derived. In addition to this, number of
methods such sentimental ascertainment, social network analysis, etc. so that deeper
insights can be achieved.
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Explaining how big data technology support business along with appropriate examples
There are several practices that can be effectively done by organization by executing big data in
turn ability to accomplish business objectives. To be successful in particular industry , there is
requirement to make strategic decision through utilizing appropriate big data analytic in turn
greater capabilities to have flexibility, etc. can be derived.
 Strategic management decision become possible by applying BD into operational
practices. The reason behind this particular benefit to business is due to its capability of
availing information regarding consumer behavior, industrial rule, different components
of competitors strategies, etc.
 It allows getting experienced team that can understand big data insights which is
beneficial in formulating significant policies, structure, and strategies (Xingyuan and
et.al., 2020). It helps in optimizing resources through identifying relevant factors via
eliminating non-crucial factors so that accomplishing predetermined objectives can
become possible.
 With help of big data it becomes possible to recognize goals & objectives so that
capturing right strategies for gaining business processing through creating competitive
advantages (How Does Big Data Help Companies? 2020). From the evaluation it can be
articulated that there are a number of benefits which can be obtained by executing big
data, but one of the crucial factor includes formulating road map for moving towards
business objectives.
 It become possible to get the benefit of grabbing larger number of opportunities
prevailing in market through identifying insights given by big data. It allows firm to
take leading position via taking relevant action for completion of roles and responsibility
(Han and Xiao, 2020). For instance- sales manager of company can use BD to
recognize consumer trends and preferences so that action to attract larger number of
clients for having higher revenue. On the basis of this it can be identified that big data
play significant role in improving financial and non-monetary position.
 The other kinds of support which can be utilized by company for having effective
progress and efficiency in achieving predetermined goals and responsibility. It includes
making better business decision, delivering smarter service or products, improving
business operations, inclining higher conversion rate, etc
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from the evaluation of above presented information can be interpreted that there are several
benefits that can be achieved by business for attaining ability to reach desirable position in
industry.
CONCLUSION
From the above presented information it can be concluded that big data plays significant
role in making business process effective. The current report has involved information regarding
features of big data such as velocity, volume, etc. there are few challenges as well that are faced
by companies through utilizing BD into decision-making process such as lack of knowledge,
integration among diverse from of data, etc. techniques that can be use for managing BD
includes A/B technique, etc. There are several ways in which business gains several benefits like
strategic decision-making, appropriate opportunities grabbing, etc.
POSTER
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REFERENCES
Books and Journals
Chin, W.L., Li, W. and Chen, H.H., 2017. Energy big data security threats in IoT-based smart
grid communications. IEEE Communications Magazine, 55(10), pp.70-75.
Han, W. and Xiao, Y., 2020. Edge computing enabled non-technical loss fraud detection for big
data security analytic in Smart Grid. Journal of Ambient Intelligence and Humanized
Computing, 11(4), pp.1697-1708.
Uchibeke, U.U. and et.al., 2018, July. Blockchain access control Ecosystem for Big Data
security. In 2018 IEEE International Conference on Internet of Things (iThings) and
IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical
and Social Computing (CPSCom) and IEEE Smart Data (SmartData) (pp. 1373-1378).
IEEE.
Xingyuan, C.H.E.N. and et.al., 2020. Research progress on big data security
technology. SCIENTIA SINICA Informationis, 50(1), pp.25-66.
Zhang, D., 2018, October. Big data security and privacy protection. In 8th International
Conference on Management and Computer Science (ICMCS 2018) (Vol. 77, pp. 275-
278). Atlantis Press.
Zhou, Z. and et.al., 2021. Blockchain in Big Data Security for Intelligent Transportation With
6G. IEEE Transactions on Intelligent Transportation Systems.
Online
How Does Big Data Help Companies? 2020. [Online]. Available through:
<https://bernardmarr.com/how-does-big-data-help-companies/>.
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