What is Big Data? – Business Plans
World Wide Web has completely changed the dynamics and conventional meaning of operating and managing a business. It has opened new avenues through seamless interaction between consumers and business houses. In the process, it has flooded the World Wide Web with unimaginable volumes of data, for instance, according to an estimate the average volume of data created in a single day is easily around 2.5 quintillion bytes.
At the same time, the variety of this volume can vary from social media posts (which includes digital pictures and videos) to purchase transaction records or the GPS signal received by mobile phones to sensors used to get climate information. The collective name of all of such data is termed as Big Data. Big data in its raw form appears to be jumbled up pieces of data and information and can be deemed valueless but in the right hands equipped with proper tools and knowledge to assemble, scrutinize and then analyze these ‘white horses’ it can give any business that extra edge over the competition to draw the line between success and failure.
Big Data Analytics & Challenges
The term Big Data analytics means the collective procedure of accumulating, consolidating and evaluating an enormous quantity of data. This process leads to the discovery and extraction of patterns and useful insights. Big data analysts are in constant pursuit of knowledge and contribute to a great degree towards the identification of relevant information for the future business scenario.
In the modern context, data is a phenomenon in itself, just like water it can be seen as dew in one form and as the ocean in another form. It can be so versatile and varied at the same moment and can be studied with endless permutations and combinations. Since the process of data collection and storage differs from platform to platform within the same organization therefore making it accessible and research-ready requires specialized skills and tools where traditional databank and tools fail completely.
Big Data Analytics Benefits
In the time of cutthroat competition enterprises are leaving no stone unturned to gain a competitive edge over their rivals. A timely and thorough insight which responds to specific business queries makes big data projects all the more essential.
A survey has revealed that a major allocation of big data analytics tools are employed to develop customer retaining and product development.
Around 62 per cent of participants confirmed use of big data analytics in business houses to increase swiftness and lessen the intricacy.
The 6 V’s of Big Data
Variety
The term denotes varied sources and forms of data which includes structured as well as unstructured data.
Velocity
The flow of data from various sources which result from the interaction of humans and business processes is continuous and colossal and big data velocity talks about this rapid pace.
Verasity
The concerned data collected and being analyzed for the specific problems of business is always surrounded with prejudices, noise and irregularity and big data veracity deal with same.
Validity
Whether the data being studied and analyzed is relevant or not is the concern of big data validity.
Volatility
The relevance of stored data as per the time perspective is determined by big data volatility and decides at what point the information becomes irrelevant.
Volume
The data which was previously created by employees is now generated by interaction of human and machines therefore creating colossal data which requires analyses.
Ratan Tata and Big Data Analytics
The retired chairman of Tata Sons, Ratan Tata is amongst the first one to understand the benefits of Big Data Analytics and has funded an unspecified amount of money in start-up company Infinite Analytics which deals in big data analytics. Founder of Sixth Sense Ventures, Nikhil Vora also participated in the same. The country has witnessed a positive entrepreneurship boom and Mr. Tata has pioneered the backing up of young companies along with other corporate leaders. Mr. Tata, who spearheaded Tata Group for 20 years, has funded in more than a dozen start-ups in past one year like Snapdeal, Ola, Xiaomi and Ola to name a few.
Infinite Analytics was founded three years ago by two classmates who studied together at the Institute of Technology, Massachusetts, Mr. Bhatia and Mr. Purushotam Botla. Mentored under Tim Berners-Lee the inventor of the World Wide Web they both transformed their classroom assignment into a big data analytics start-up. The company has an elite customer base like AirBnB a home-sharing firm, eBay an e-commerce giant and Croma Retail. Infinite helps them to mine, analyze, identify patterns and form unknown relationships from massive amounts of information and data.
“It’s a dream come true to have Mr. Tata back us. We have grown up admiring and respecting Mr.Tata’s business acumen and this is a great opportunity for us to learn from him directly” as per the recorded statement of Akash Bhatia, chief executive at Infinite. “His guidance (Mr. Tata) and vision will definitely help us grow Infinite into an analytics powerhouse”.
Analytics is not a new term or process and has been around since 1950’s. Big data analytics has been also around for some time now but is still in the development stage as the sector is still unstructured with the presence of many challenges, one of the major challenges being getting the data ready for analysis. But surely and steadily big data analysis is on its way to become the next big thing in future and will be an integral part of each and every business process. It will equip the business houses with relevant information to take better and quicker decisions and create better customer service with a higher rate of satisfaction.
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