Data Science : Big Data, Challenges, And Characteristics

Data has some value which needs to be discovered. There are so many technologies are there to derive value from data. For finding value from data needs more thinking knowledge and insightful analytics.

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

The challenge is that they require a unique way of collecting, managing and visualizing technologies which makes it one of the four major technology trends in the 2010s. (IBM tech trend report 2011). A report by the McKinsey Global Institute (Manyika et al. 2011) predicted that by 2018, the United States alone will face a shortage of 140,000 to 190,000 people with deep analytical skills, as well as a shortfall of 1.5 million data-savvy managers with the know-how to analyze big data to make effective decisions.

Big Data is garnering great recognition for its data-driven decision making methodology. Right from data acquisition where there is a flood of data available, we need to make effective decisions about usage of data. Privacy, scalability, complexity and timeliness are the problems that hinder the progress of Big Data.

What does it mean to say “big data”? Big Data is more than just massive amounts of data stored together. It is more than just data delivered or analyzed fast. Meta Group’s Doug Laney described it as data that has volume, velocity, and variety (2001). This is the 3 V’s of Big Data and is widely used to define it. Additions to this definition include other V’s, such as veracity and value (XXX). What is volume? Volume could be 7 billion people speaking at once. It can be the data created by millions of Americans uploading photos, buying shoes online, or searching for the definition of Big Data. It is the volume of data being created by researchers at unprecedented amounts to chart the stars, to map the human genome, or to trend

As a result of the appearance of big data in our world, conventional data warehousing and data analysis methods no longer have the process power needed. What is Big Data you may ask and why is it such a big deal. NIST defines big data as anywhere “[…] data volume, acquisition velocity, or data representation limits the ability to perform effective analysis using traditional relational approaches […]” (Mell & Cooper, n.d.).

Big data is a relatively recent concept in the marketing world that describes the process of analyzing massive data sets to uncover trends. The data sets are so large that it would be almost impossible to find such trends without high-powered analytical technology. Big data has been facilitated by the ability to gather massive amounts of information about consumer profiles and shopping trends. The primarily facilitators of big data collection are credit card companies and online companies like Google and Facebook that track people's purchasing and computer usage patterns. Big data has been used in a lot of different industries to revolutionize everything from health care to manufacturing to government (Manyika, et al,

Big data is not as new as many people believe it to be. It is actually a concept that has been around for almost a century. It is just the “same old data marketers have always used, and it’s not all that big, and it’s something we should be embracing, not fearing” (Arthur). In 1944, Fremont Rider “predicted that the amount of data in the world would increase exponentially” (Hopp). Rider was right on target with his prediction seventy years ago. Data has grown much greater than he probably could have ever imagined back then.

Big data is a popular term used to describe the exponential growth and availability of data, both structured and unstructured. And big data may be as important to business – and society – as the Internet has become. Why? More data may lead to more accurate analyses. More accurate analyses may lead to more confident decision making. And better decisions can mean greater operational efficiencies.

Definition of Big Data: “Big Data technologies are the new generation of technologies and architectures that are designed to economically extract value from very large volumes of a wide variety of data, by enabling high velocity capture, discovery and/or

Big data refers to the growing data a company experiences but this data has to be managed and processed to convert it into useful information. For example, a company XYZ just launched an e-commerce website and its receiving a

The term big data came into the picture to refer the big volumes of information’s both the companies and governments are storing. The data may be where we live, where we go, what we buy and what we say etc. all will be recorded and stored forever. More than 90% of data is generated in the past 2 years only and this volume is increasing day by day and doubling for every two years. In this world, the organizations are using the data generated by us and no one knows what they are doing with the collected data. Big data is defined as a lot of structured and unstructured data from different sources, such as E-commerce websites, online transactions, social networks, medical records, internet search indexes, banking and financial services, scientific searches, weblogs, and document searches and so on. Big data also can be described by four V’s: Volume, Velocity, Variety and finally Value.

Big data is an extensive collection of structured and unstructured data. It is a modern day technology which is applied to store, manage and analyze data that are not possible to manage, store and analyze by using the commonly used software or tools. Since all of our daily tasks are overtaken by the modern technologies and all the businesses and organizations are using internet system to operate, the production of data has increased significantly in past

Presence of big data is a very common phenomenon now days, specially when talking about medium to large size corporation. Manyika et al., in their article (James Manyika, 2011) defined the term big data as “large pools of data that can be captured, communicated, aggregated, stored, and analyzed”. To clarify they suggested that big data refers to data, whose size makes it impossible to be processed by the typical software used for database management. Gartner (Gartner, 2012)defined big data in terms of its characteristics of high volume, high velocity and high variety. By volume, he referred to the size of the data, by velocity he referred to the speed at which the data is created and by variety he referred to the range of types of data.

Big Data is the data that surpasses the processing limit of the customary database frameworks. The data is huge, moves with more speed and does not fit the structure of the conventional database frameworks.