Everyone is talking about Big Data. If you discuss with your Software Development consultant, you will see that they are already in the race track to digital transformation – which is also another well known, trendy and shiny concept. But, what is Big Data? Does Big data means collecting as many data as possible, like a hundred or thousand of gigabytes? And then what will we do with these data? Let’s start with the most basic definition!
1. The Concept
According to Gartner, “Big Data is high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”.
The Definition is pretty long with a lot of big words, but we can summarize it, and shorten it to 3 V only:
- Volume: The system must handle large amounts of data – which are not well structured. As a result, large companies usually have Terabytes and even Petabytes of data. The more data collected, the more the company future shall be shaped.
- Velocity: Velocity measures how fast the data is coming-in. Some data come in real-time, which are the best, while other will come in batches and with time lag.
- Variety: Data can come in all formats: excel, csv, access, text, pdf, graphics, videos… Although this data is extremely useful, companies need to make them manageable.
In the recent year, we can also observe the rise of two new V: Value and Veracity. Data has become a valued asset in today’s society. Think about large corporation like Facebook or Google. They have petabytes of data and are making a huge income from it. Their business model lies on analyzing data to understand the market, the preference, predicting trends, making predictions…etc. Software development companies are trying to do exactly the same for their clients.
2. History of Big Data
The term Big Data is born in 2005 when it was launched by O’Reilly Media. At that period, more and more social network took flight, and data was created in a daily basis. Innovative companies immediately saw the opportunity and dig into this massive data amount. Even governments also join the game not long later. In the past few years, we also heard a lot about big data start-ups- who are accompanied by competent Software development companies.
The development of open-source frameworks such as Handoop, Spark and of Cloud computing has made Big Data easier to work with and cheaper to store.
3. Application of Big Data
Big Data can be used in every sector, from cyber security to marketing, finance, healthcare…etc. We can cite several examples as below.
- Marketing: Businesses are always trying to find the best way to find their customers, and usually haunted by the question:”How to make people buy”. Today it’s possible to identify what people likes, what they are searching for just by analyzing a huge amount of data. It’s also easy to measure the effectiveness of a marketing campaign via impression, click-through rates or other metrics.
- Finance: The industry relies on Big Data for risk analytics and trends predictions. Retails traders, big banks, hedge funds have a constant need in high-frequency trading, pre-trade decision support analytics, sentiment measurement, predictive analytics…etc.
- Healthcare: The industry has been significantly improved by personalized medicine and prescriptive analytics due to the role of Big Data system. The Researchers can analyze data to identify the best treatment method, side effect of drugs or even forecasting health risks.
- Manufacturing: Predictive manufacturing can increase the efficiency of a business by producing more goods by minimizing the downtime of machines. In order to achieve this result, a massive quantity of data should be involved. To build a smart factory, a sophisticated forecasting tool and an efficient organized process are very important. Big data can be used to track fault, predict the output, optimize energy efficiency, test & simulate new process…etc.
- Education: Big Data can also be used in education. For example: it can measure teacher effectiveness or student’s progress & behaviors.
4. Benefits of big data
The benefits of Big data are undeniable. Companies can use big data to understand the market, customer preferential, predict the future and trends. In a fast evolving world, being one step ahead of competitors is very crucial to survive. With Big data, many potential are unlocked. The cost and processing time within an organization can be reduced. Besides, it also helps the business to develop new products and services.
5. How Big data works
- Integrate: Big Data brings together data from various sources and applications. In order to analyze it, new strategies and technologies are required to replace traditional data integration mechanisms such as ETL. During integration, businesses and Software development companies need to bring in the data, process it and make sure it’s formatted in a form that business analysts can start with.
- Manage: Businesses and Software development companies need to store the data somewhere: in the cloud, on premise or both. The data can be stored in any form, and any desired processing requirements and process engines can be applied.
- Analyze: Big Data need to be analyzed, explored, and discovered. It can only has value when businesses can use it.
With the support from Software Development Company, businesses can explore all the benefit of Big Data and optimize their working process. Why not contacting us and get some tip from the experts?
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