The Big Question Answered: What is Big Data?
Big Data is rocking the world of technology as it grows at an exponential rate, but what is it exactly?
Big Data Defined:
Big Data is not just a buzzword; the term covers a humongous and complex volume of structured and unstructured data that is tough to process using traditional database processing applications. But Big Data is not just large volumes of data but it is actually an innovative way of managing the data.
Big Data Rides to the Rescue
While the sheer size of the data is overwhelming and it is growing as fast as a tsunami, big data rides to the rescue.
What does Big Data do?
Big Data is used to search, store, analyze, connect, visualize, curate and extract information. It aids organizations in maximizing data operations and making quicker smarter decisions.
The more accurate the data and analysis, the better and more innovative the decisions. Enhanced decision making translates into greater profits and cost reduction.
Three Main V’s of Big Data
Industry analyst Doug Laney defined big data as the three Vs of big data: volume, velocity and variety.
Extensive data volume used to be a storage issue in the past. Now we have data based on transactions as well as unstructured data from social media. Big Data’s challenge is how to mine relevant information within large data volumes and to use analytics to create value.
Torrents of data are racing in and have to be dealt with as quickly as possible. Responding in a timely manner to data velocity is a challenge that organizations are facing with the aid of big data
Data flows in from all over the place. Structured data is accessed through traditional databases while unstructured data comes from data that is not organized. Tweets on Twitter, email, text documents and metadata can be taken as examples of unstructured data.
Managing all these varieties of data in an efficient manner can be a challenge for companies.
Big Data See Saws
Data flows can be inconsistent with peaks and troughs. As Andy Warhol commented, everyone will be famous for fifteen minutes, especially in today’s social media. Such ups and downs in unstructured data loads can be difficult but not impossible for big data to manage.
Embrace Big Data
Banking institutions have a pressing need to embrace Big Data with open arms, because it provides business insights and value for the money.
And with Hexanika by your side providing you the smart products and solutions to address your data challenges and pain points, you can be assured you won’t put a foot wrong.
Authors: Maheen Usmani & Yogesh Pandit