There are a lot of discussions about “big data”, If big data is just a fad or a real revolution. However, to some, big data is nothing but just a fad, which will be over and done about in a little while. While according to some big data is a real revolution. How and why is it? We’ll let us discuss it to you today.
Nonetheless, let us first define what BIG DATA is and let us find out if it is just a fad or a real revolution.
What is Big Data?
Big data is a word that defines the large volume of date both unstructured and structured that overwhelms a business in everyday basis. However, the amount of data is not important but what businesses can do with the data is more important. Big data can be examined for understandings that lead to better strategic moves as well as decisions.
On the other hand, the term “big data” is somewhat new, however, the act of storing and gathering large amounts of data for the eventual study is years old. This concept was already gained momentum in year 2000 Doug Laney an industry expert uttered the now-mainstream meaning of big data which is known as the 3Vs (velocity, volume, and variety).
Business gathers data from several sources such as social media, information from machine-to-machine or sensor data, and business transactions. In the past couple of years, storing data would have been a big problem but with the help of new technologies, the burden has been lessened.
Data comes in different formats from numeric data in old databases, structured to unstructured text files, audio, video, email, financial transactions, and standard ticker data.
Data blows in at a unique speed and should be distributed in an appropriate manner. Smart metering, sensors, and RFID tags are lashing the necessity to deal with the flows of data in real time.
Why Is Big Data Important?
The significance of data does not focus on how much data you consume, but what did you with it. In fact, you can acquire data from several sources and examine it to find solutions that enable time reduction, cost reductions, smart decision-making, as well as new optimized offerings and product development.
When you collaborate big data with high-powered analytics, you’ll be able to finish business-related jobs such as:
- Detect falsified actions before it distresses your business
- Determine the causes of defects, issues, and failures in real time.
- Recalculate the entire risk of your business portfolios in just a few minutes
- Generate vouchers at the POS or Point of Sale depending on the buyer’s buying habits
Big Data: A FAD or A REAL REVOLUTION
With the help of big data, business or corporations like EMPR Australia can easily measure as well as know more about their business and directly transform that information into improved performance and decision making. On the other hand, big data blows of the centralization fads like what we have seen in every computing period. The believed that “there is more data that we can process” is turned out as the newest fad with connected technology must have.
Though the real revolution is not the big data itself but the mass democratization by means of storage, process, and accessing data. It means people tend to collaborate more effectively around a circulated network of information, which is the network of small data.
As what was mentioned a while ago, size of data doesn’t matter, but what matters most is having the data. No matter how small your data is, the important thing is it will help you to address your questions and solve your problems.
For many questions and problems, small data itself is enough. Because the data being used in household energy, government spending, and times of local buses are all small. On the other hand, everything that is processed in Microsoft Excel is small data. However, if you want to scale up the way you do those things all you have to do is to componentize your small data through making and incorporating small data packages instead of building big data pillars. Or by dividing problems in a way that works across organizations and people, not through creating enormous centralized silos.
Well to answer is big data is a fad or revolution? I would say it depends on your business. Certainly big data is something gigantic companies cannot omit and cling on to run their business; let’s say Google, Amazon, Uber and a lot more. But honestly does anyone of us here have a colossal need of space to do business like these guys? Well the answer lies in you. And as you read up to this part, I think you knew your answer. Liked our article? Please give us a comment below.