Use Of Big Data And Data Analysis Creates Advantages For Businesses Essay

The analysis of big data is the process of organizing, collection, analyze and examining the large volume of data to find patterns, market trends and useful information. This analysis helps organizations to better understanding about the information within data, and helps analyst to make better

Concern about Big Data has been heightened in recent years. The report intents to first discourses the definition of Big Data, relationship between business analytics and Big Data, and several commercial softwares of Big Data. Then the report will illustrate a case study on a global e-commerce company called Alibaba (China) Co, Ltd with company background information, challenges when facing and applying an accounting information system of Big Data and Benefits that Big Data bring to the company. It should be also noted that the report heavily emphases the impact of Big Data particularly through an accounting perspective. As a consequence, the report will come into a conclusion on implications of Big Data to business organizations.

Since the 1970’s databases and report generators have been used to aid business decisions. In the 1990’s technology in this area improved. Now technology such as Hadoop has gone another step with the ability to store and process the data within the same system which sparked new buzz about “big data”. Big Data is roughly the collection of large amounts of data – sourced internally or externally - applied as a tool – stored, managed, and analyzed - for an organization to set or meet certain goals.

Big data analytics is the process of analyzing large data to find useful information such as improving efficiency of business, market trends, customer’s preferences, information of competitors, and other useful business information. According to the IT Glossary, “Big Data is high-volume, high-velocity, and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.” In other words, it is an abundant array of information used to acquire insights and make business decisions.

Therefore, the consecutive sections discussed the definition of big data, tools for analyzing big data, data mining, knowledge discovery, visualization and collaborative

Big data provides suitable architecture for current trends and also to meet the requirements in changing business and its functions.

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

Big Data is defined as data sets that are so large that they defy conventional applications, frameworks and methods for analyzing them. The proliferation of Big Data is attributable to the amount of data companies across all industries are capturing on transactions with suppliers, customers, distribution channels and services organizations over years of activity. Big Data, by its very nature of spanning a multitude of databases and conventional data storage platforms within organizations, becomes difficult to capture, store, search and complete analytics on. For the manager in an organization who has these conventional methods of data search, analytics and visualization available to them, Big Data can quickly become overwhelming given the limited scope of tools available and the sheer amount of data available (Jacobs, 2009). For the manager attempting to gain greater insights into their organization's processes, strategies and overall performance, Big Data can quickly becoming overwhelming. The intent of this analysis is to provide guidance to managers on how they can better manage Big Data to provide the maximum analytical insight and intelligence about their organizations.

The big data phenomenon is about collecting and storing large amounts of data and running analytics application ns on these large datasets.

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.

Firstly, the main problem is deciding which data should be selected. The data, explaining customers’ desires and needs, is important to be collected while most of the enterprises are confusing about what data they should concentrate on. A recent Gartner report (2014) stresses that 64% of firms raced to plan or launch a Big Data project, though they did not have enough professional knowledge yet. To understand what customers need through Big Data possibly turns into the core of companies’ target. The large data volumes and different varieties of data lead to data complexity.

Data is the backbone of business today and has always played a critical role in business. Today in the era of “Big Data” and Digital Business, data has become the primary driver of decision making, growth and innovation. The big data today is radically different from the data of yesterday. The Big Data age has brought with it a tremendous increase in the amount of data and types of data available to businesses. New data is produced every day, generated by social networking sites, mobile phones, location, third party, business transactions, etc. We are in an era which is characterized by the 5 V’s of Big Data: Volume, Velocity, Variety, Veracity and Value. The Big Data opportunities are enormous, as are its challenges. In this context it is especially important to understand the Opportunities and Problems that business faces to extract value from Big Data Analytics.

Abstract— Big Data is a significant subject in modern times with the rapid advancement of new technologies for example, smart phones, PC/laptops, game consoles, that all in some way store information. Big companies require a place to not only store all the data that is coming in but to also analyze it for specific purposes and at the fastest speed manageable. There exist numerous different providers out there who provide this service, this paper will talk about one way the company Google handles data using their own special made platform.

The term “Big Data” refers to the massive amounts of digital information companies and governments collect about human beings and environment. The amount of data produced or gathered is increasing at a faster rate and is like to double after every two years i.e., from 2500 exabytes in 2012 to 40,000 exabytes in 2020 . Security and privacy issues are describes by the 3 V’s of big data- volume, variety, and velocity.

The paper provides background and related literature on the Big Data, studies the concept from Relational Database to current NoSQL database which have been fueled by the growth Big Data and importance of managing it. And surveys the Big Data challenges from the perspective of its characteristics Volume, Variety and Velocity and attempts to study how those challenges can be addressed.