What Is Big Data Analytics?

posted in: Analytics, KPIs & Metrics, Strategy | 0

With the world rapidly accepting digitalization and technology, the volume of data being generated has surpassed all estimates. As per some statistics available, we are generating a staggering 2.5 quintillion bytes of data every day.

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Another interesting fact is that 90% of the data available today has been generated in the last couple of years. If we even continue at this pace, we can very well imagine the volume of data which we would have in a decade down the line.

There are two very import aspects of data which combine to determine how effectively we utilize the generated data.

• Data Storage – Effective data storage is of paramount importance for any business or any organization. Data comes from multiple OLTP systems and other sources which need to be stored in a database. Oracle, Microsoft, IBM and SAP are the leaders in database management systems. However, as per Gartner’s magic quadrant 2015, Amazon Web Services and MongoDB has also made it to the leader board.

• Data Processing – A hyper competitive marketplace demands businesses to take the right decisions at the right time. Critical business issues can be avoided by effectively utilizing business intelligence and the available data.

However the ever increasing volume of data has surpassed the analytical capabilities to traditional BI software’s and has led to the emergence and acceptance of Big Data Analytics.

Understanding the Technology and Its Utility

Big data is the collection of large and complex data sets generated from unconventional sources such as social media, sensors deployed to collect climate information, GPS signals, etc. These datasets are difficult to capture, store and search using the conventional database technologies available in the market.

Also it is difficult to transform and process such datasets to extract analytical information through traditional business intelligence applications and technology. This is where Big Data analytics steals the limelight and provides qualitative insights.

Big Data analytics is no more a big idea. It is a technology developed by multiple leading companies around the globe and has already tasted commercial success. It is fundamentally changing the way businesses manage their day to day operations and take critical business decisions.
Below are some basic advantages of using Big Data Analytics.

• Massive cost reduction – Technologies like Hadoop and cloud based analytics have tremendously reduced the cost associated with the maintenance of on premise IT infrastructure. Larger volumes of structured and unstructured data can now be stored at fraction of the cost associated with traditional techniques.

Improved Efficiency – The lightning speed of Hadoop and in-memory analytical platform gives businesses the ability to immediately utilize the data and get analytical insights. This is much faster than traditional ETL tools which needed time to load the data from source system to target BI system. This has facilitated quick decision making.

Big Data Analytics – Widening Horizons

The wider acceptance of big data analytics can be attributed to the fact that big data is no more seen as a challenge but rather considered as an opportunity to derive meaningful insights to effectively take business decisions.

Lower cost, scalability, robust IT support and superior results have all combined to make this technology one of the most sought after technologies of this decade.

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