Thursday, June 18, 2015

 

Big Data cannot be mistaken as just another passing fad in the tech industry. It really is a technology which has and will continue to change the way we manage, store and consume data hence giving way to insightful and better decisions affecting businesses worldwide.

The key reasons why Big Data is transforming decision making and corporate data systems include:

 Capacity to utilize unstructured data: Big Data is defined by three aspects: Data Variety, Volume and velocity. These attributes together provide a comprehensive view of data and provide the data systems with the maturity of handling structured and unstructured data at the same time. This means that data is not only about alphanumeric variables but also unstructured data. The data analytics solutions to be designed in the future will be able to handle bot structured and unstructured data at the same time, thanks to Big Data.

 Predictive analytics capability: Data systems are moving towards the predictive analytics trend keeping in mind the expanded variety (structured & unstructured data), increased volume and different sources it is gathered from making it important to utilize predictive analytics.

 Requirement of real time processing of data: Since there is huge volume of data being generated at a high velocity, it is important that decision systems are equipped with real time data processing capability. For example a call center support executive while solving a customer query needs to provide immediate solution with incoming data provided by the customer as well as data available from social media like Facebook or online customer groups. In such scenarios where the data stream is quite fast and keeps updating, real time data processing becomes a necessary evil.