Big Data: Characteristics, Challenges, Techniques and Business Support

This report discusses the characteristics of Big Data, the challenges faced in analyzing it, the techniques available for evaluation, and how Big Data can support businesses. It also explains how Big Data can help companies make better decisions and increase profitability.

Individual Poster and
Summary Paper

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
What big data is and the characteristics of big data ...................................................................1
The challenges of big data analytic s..........................................................................................2
The techniques that are currently available to analyse big data ................................................3
How Big Data technology could support business, an explanation with examples....................3
CONCLUSION................................................................................................................................4
References:.......................................................................................................................................4

INTRODUCTION
Big data means the collection of data to retain the information on the internet. The data or the
information is being stored in a huge amount. Besides, historical data, big data helps to store
number of data and large variety of information on the internet. The concept of big data is
fabricated with the help of technological advancements and growth. The data is accumulated and
properly arranged on the internet(Hancock and Khoshgoftaar, 2020). It can be utilized in every
field of technology. The report includes the various characteristics of big data. It also discuss
about the challenges of the big data analysis along with the techniques and methods which helps
in evaluating the big data. It further defines the technological support which is being provided by
the big data in order to provide assistance to the business organizations.
MAIN BODY
What big data is and the characteristics of big data
Big data can be defined as the collection of organized or unorganized data by recognizing the
appropriate data or information on the internet. The sources through which the data is being
accumulated are, various online platforms, customers, different servers, etc. It is basically done for
the purpose of buying and selling, online and offline trading, bookings and various transactions, etc.
The information is being chosen in a structured form which can be organized and uploaded on the
internet. With the help of big data, the business enterprises can take the right decision in order to
ensure the proper functioning of the company so that it can run for the longer period of time. It also
helps in analysing the demands and needs of the customers in the market. The characteristics of big
data is as follows-
 Volume- there is a wide range of information stored on big data. The large number of
data and other details are uploaded on the platform, such as, in petabytes and exabytes.
This accumulated data is being used by the companies in order to gather the required
information. This will help in ensuring proper decision making process for the
companies. In today's scenario each and every person can approach various social media
platforms where they share different kinds of information according to their interest
areas(Deepa, et.al, 2022). For example- videos, pictures, games, reviews, etc. are being
uploaded on the platforms like, Instagram, Facebook, twitter, etc. This directly enables
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the companies to determine the likes and dislikes of the customers and the present market
trends.
 Variety- big data includes various types of information. This information could be accessed
by the individuals as well as the business organizations. Big data holds a wider scope than that of
historical data because historical data only includes the contacts and address of various people but on
the other hand, big data provides with videos, pictures and other type of information at one platform.
 Velocity- it denotes the pace at which the information is accumulated and uploaded on the
internet. The data is being collected and stored at the rate of per second on the internet. And the time
in which the information is stored on the internet, the business organizations start utilizing that data.
 Value- the information which is provided through big data is of high quality and credible
in terms of its utilisation and because of that, the information provided on this platform is
valued more than the information provided by the historical data. Various business
organizations are depending upon the information which is collected through big data on
the basis of its accuracy and credibility which helps them in determining various market
needs and which would assist them in taking any kind of decision without any
difficulty(Hasan, Popp and Oláh, 2020).
 Veracity- it means that the information provided by the big data is reliable enough that the
company can trust the information provided on this platform. It includes genuine and quality data or
information.
The challenges of big data analytic s
The information provided by the big data is accurate and reliable in order to ensure the correct
decision making of the companies because all the business activities that are being carried on by
the companies which is totally dependant upon the various market approaches that are dynamic
in nature and all the details about the various market trends are provided by the big data. But in
spite of all this, there are various challenges that is being faced in the process of analysing the
big data, they are as follows-
 Difficult to understand the concept of big data- the employees are unable to
understand the concept of big data which makes difficult to access the required
information from the internet. The employees are not able to figure out the correct
procedure which is to be undertaken in order to access the information or details from big
data. To remove the difficulties, the companies must necessarily provide the appropriate
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knowledge to the employees before making available the option of big data to them.
Various organizations provide big data courses for all those candidates who will be
working in this particular field of research and development(Hariri, Fredericks and
Bowers, 2019).
 The data related issues- at the same time, various business organizations upload the
information on the internet which creates a chaotic situation that results in some kind of
data traffic on the internet. This creates a problem in handling the data or the information
which is stored on the internet. To solve such problems, the companies must use the
methods like, tie ring and duplication methods.
 Confusion in selecting the right technique- the companies, sometimes faces a lot of
complexities in using the big data for squiring the required information. The business
organizations founds it difficult where they have to select the appropriate methods or
tools in order to use the big data. For the same, the companies are required to take the
assistance from the professionals who guide them with the correct techniques of using the
big data. Their work is to collect various information for the company and to upload
certain details of the company on the internet which enhance the decision making of the
company(Reddy, et.al, 2020).
The techniques that are currently available to analyse big data
In order to analyse big data, there are different techniques available which are essential to manage the
data stored on the internet. The data is being stored, evaluated and arranged in an organized way. This
ensures the effective use of information. This also increases the possibility of taking various types of
decisions by the business enterprises which further reduces the factor of risk. There are different
techniques available to evaluate the big data, some of them are discussed below-
 A/B test- the companies by using this particular technique can focus on the relation of
various kinds of test groups. The reliability of the information stored on the platform of
big data is increased by identifying appropriate changes for the same. Now, the
companies can carry their day to day business operations in an efficient manner (Tabesh,
Mousavidin and Hasani, 2019).
 Data combination and data merger- the details about all kind of information and the data
present on the platform of big data can be shared with the companies with the help of supported range
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of ability. This particular method provides an in depth view about the information accumulated by
different types of businesses.
How Big Data technology could support business, an explanation with examples.
There are various support which is provided by the big data to the companies, they are-
 Develop better structural decisions- the information which is provided by the big data is
accurate in every manner. The companies are benefited with the information as they can take the
decisions regarding various market operations in an efficient way.
 Apprehending the customers- it also helps in identifying the preferences and the needs of
the customers. The companies can determine the market demands along with the new emerging
market trends with the help of big data.
 Enhance the business operations- the performance of the company will be improved by
taking right and required decisions in order to increase the growth and development of the enterprise
if the business organization gather correct information regarding the businesses they run.
 Ensures income proficiency- the companies will be able to prove their efficiency by
taking right decision for the betterment of their company. This will directly enhance the
productivity of the company. It will also helps in increasing the profits and revenue
generation for the company by improving the financial potency of the
business(Ghasemaghaei and Calic2020).
CONCLUSION
The conclusion drawn from the above report is that, big data is a platform which helps in storing
the accumulated data on the internet. It enhances the decision making process of the company
which ultimately helps in taking the right decisions and increasing the profitability of the
company. This report talks about the characteristics of big data and the challenges faced by the
companies in order to analyse the big data so as to gather the required information to carry out
various business operations. It also talks about the techniques which can be used by the
companies to evaluate big data. Further, it explains that how big data assist the companies in
order to run their businesses.
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POSTER
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References:
Hancock, J.T. and Khoshgoftaar, T.M., 2020. CatBoost for big data: an interdisciplinary
review. Journal of big data, 7(1), pp.1-45.
Deepa, N.,et.al, 2022. A survey on blockchain for big data: approaches, opportunities, and future
directions. Future Generation Computer Systems.
Hasan, M.M., Popp, J. and Oláh, J., 2020. Current landscape and influence of big data on
finance. Journal of Big Data, 7(1), pp.1-17.
Hariri, R.H., Fredericks, E.M. and Bowers, K.M., 2019. Uncertainty in big data analytics:
survey, opportunities, and challenges. Journal of Big Data, 6(1), pp.1-16.
Reddy, G.,et.al, 2020. Analysis of dimensionality reduction techniques on big data. IEEE
Access, 8, pp.54776-54788.
Tabesh, P., Mousavidin, E. and Hasani, S., 2019. Implementing big data strategies: A managerial
perspective. Business Horizons, 62(3), pp.347-358.
Ghasemaghaei, M. and Calic, G., 2020. Assessing the impact of big data on firm innovation
performance: Big data is not always better data. Journal of Business Research, 108,
pp.147-162.
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