Importance and Characteristics of Big Data for Effective Decision Making

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INTRODUCTION
This report helps in understanding about importance of big data
and how does it helps in understanding and analysing relevant information
which is reliable and effective. This report focuses on importance of big data
and its characteristics. Big data might be considered as effective but it also
has its own challenges and techniques which are used to understand and
analyse big data is also discussed in this report. Such data is used by
organisation to understand about various facts and such data includes
structured data, semi-structured data and unstructured data. This type of data
helps in understanding about trends and patterns in business environment and
how it can be used by organisation to make its decision.
Big data is and the characteristics of big data
Big data is explained as collection of data which is high in volume
and it grows with time. It consists of data which is large in size and it is used
to store and process high volume data effectively and efficiently. Social
media, stock exchange etc. are considered examples of Big data. It is further
classified into structured, semi-structured and unstructured data.
Structured data - Any data which is stored and processed under fixed
format is known as structured data. For storage of such data technology and
computer science have played crucial role in processing and storing data in a
fixed format.
Unstructured data - Data which is not in correct form and the structure
which is involved in this type is explained as unstructured data. Such type of
data possess various challenges as information in such data is not well
structured and good amount of effort and money is required to extract
information from such type of data. Large amount of data is available for
organisation but due to lack of methods it is difficult to extract value out of
such data.
Semi-structured data - This can be explained as combination of both
structured and semi-structured data. Such type of data includes information
which can be extracted and in some case there is no method to extract
information from large volume of data.
Characteristic of big data is mentioned below:
Volume – Big data is explained and related to data which is large in size and
large volume of data plays vital role in gathering necessary information from
such data. Any type of data can only be considered as Big data by depending
upon its volume. Volume is considered as one of the important factor or
characteristic which is needed to be considered while understanding Big data.
Variety – Another characteristic of Big data is its variety because Big data
consists of various type of information related to various fields. It also
defines the nature of data which can be both structured and unstructured.
Nowadays, there is data which is in the form of emails, photos, videos that
are considered applications which are used for analysis of such data. Variety
helps in understanding about nature of data and its relevance and reliability.
Velocity – This is explained as speed of generating data and how fast data
which is stored can be processed and generated to fulfil the demands and
helps in understanding about potential of the data which can help in getting
viable and reliable information. Velocity also helps in understanding the
speed which data flows from sources such as networks, application logs,
mobile devices etc.
A/B Testing – This technique focuses upon comparing a group with number of test
groups and helps in understanding about changes that would affect objective
variable.
Data fusion – This focuses on combining various techniques and then analysing
data from various sources such data is considered as more effective and accurate in
nature.
Data mining – This technique is considered as one of the effective technique which
is used to extract information from large volume of data.
Natural language processing – It is explained as technique in which data is
analysed through algorithms.
How Big Data technology could support business
Big data can help business in creating lot of opportunities for growth
and development. It helps in developing new segment of business which is helpful
in expansion of business capital and profits. Big data also help business in gaining
information about trends and pattern in business environment and helps in
identifying potential threats and opportunities for business. It also helps in
estimating metrics and assist in improving customer service by taking necessary
actions. By use of Big data, such practices are more frequently used by business in
order to boost their productivity and profitability. These days Big data is used by
both private and public sectors business for understanding trends and patterns in
business environment.
Big data helps in understanding about need of products by consumer as it collects
data about need and preference of consumer. Businesses uses Big data as a tool to
understand about thinking and perception of consumers about particular product or
services. One of the examples of this is a bank where clerk can use Big data to
access the profile of client. It can help clerk in understanding about need and
preference of client.
CONCLUSION
This report concludes about the Big data and its various characteristic
which makes it effective and efficient. It can be concluded from this report that Big
data plays vital role in decision making for any business as it helps in
understanding about need and preference of consumers.
Variability – It is explained as the different type of inconsistency which is
analysed in data and understanding the procedure of managing and handling
data effectively and efficiently.
Advantages of Big data processing are mentioned below:
• Such data is utilized by business to make effective decision and
helps in proposing suitable and effective strategies for business.
• Big data technologies are used by businesses to improve their
customer service by understanding response of consumer.
• Big data is also considered helpful in understanding about new areas
for business where business can expand.
Challenges of big data analytics and the techniques that are currently available
to analysis big data
Big data is explained as datasets which are used to store and process
large volume of data. Big data is considered as effective mode for integration of
data sets which is considered as complex but also useful in different scenario.
Big data objectives is to handle large volume of data and also process and
manage large volume of data effectively. There are various challenges which
are faced during such process due to its complexity and these challenges are
mentioned below:
Uncertainty - One of the challenges faced during management of big data is
various innovative tools and techniques for data management which is focused
on processing of data. Management of data is uncertain in Big data as its
performance demands of big data application. Wide range of tools and
techniques, developers and market status are among the aspects which are
creating uncertainty with management of data.
Talent Gap – It is important to understand the need of Big data for extracting
and gathering reliable information for making business decision. It is difficult
to understand importance of technology without approval of analysts and it can
only be possible through understanding value of big data. In business
environment there is lack of expertise for big data technologies and experts
have gained knowledge about implementation tool and use such knowledge for
programming apart from big data. Extracting Information – One of the most
practical uses of Big data is to extract information from volume of data which
is helpful in making business decision. It is also considered as business
intelligence because it helps in connecting with different platforms and also
helps in providing valuable information to users. Increment in demand of such
options could help in different aspects of business process cycle. It also
becomes challenge in big data to ensure availability of data at right time
according to need of user. There are various techniques for analysing Big data
which are mentioned below:
BIG DATA TECHNOLOGY