Big Data and Big Analytics: Latest Trends
In the contemporary environment, the role of big data and data analytics tools cannot go unnoticed. More and more industries start relying on this innovation to reveal the latest tendencies in customers` preferences and correspond to their needs and wishes. Big data analysis also allows finding effective business solutions needed for companies` steady development. According to Bernard Marr`s estimation, 73% of organizations worldwide have already invested in big data projects in 2016. This fact overwhelms, marking the new era in the world of technologies.
Types of Big Data
Big data is very diverse. Although being initially divided into two broad categories which are structured data and unstructured data, further categorization is still required. Michael Kanellos suggests dividing big data into several types which are fast data, dark data, lost data, and new data. Fast data includes relatively large data sets with the value allowing analytics to deliver immediate answers. It is represented by accurate real-time traffic forecast. Dark data includes photographs, video streams, comments, etc. Although this set is quite big, it is not as easily accessible and processed as other data types. Lost data (also called operational data) is a data which is landlocked in companies` operational systems. New data includes information we can get but have not started processing yet. Michele Nemschoff, however, offers one more classification. She divides structured data into created, provoked, transacted, compiled, and experimental. Created data is what is purposely created by businesses to gather information about potential customers. Provoked data is the expression of customers` views (rating sites). Transacted data includes all the transaction made by the customers to track their buying activity and capacity. Compiled data is a huge asset which provides information about location, credit scores, demographics, etc. According to Nemschoff`s division, unstructured data can be captured or user-generated. Captured data is based on customer`s behavior such as GPS or Google search history. User-generated data implies what is intentionally left by customers, including posts and comments they leave on Facebook and other social networks.
What Analytics Can Be Done with the Help of Big Data?
The big data, regardless of its division, can be used by the companies to explore buying activities and shifts in the customers` preferences. After careful examination, big data scientist makes conclusions about what people need nowadays. Then, they offer business solutions to help organizations meet the requirements. They see what assortment will attract the greatest percentage of potential buyers, what policy and business models will suit the environment, and what steps should be taken to gain popularity and increase revenues. Business optimization, performance optimization, security improvement, and public health enhancement are the key advantages that big data analytics offer us. Business and big data are now inseparable parts of a single whole.
Applications of Big Analytics
The list of applications of big data analytics is countless, but there five that are the most important to society:
- Banking and Security
- Retail and Wholesale Trade
In banking and security, big analytics use big data to monitor an activity of the financial market. In trade, they derive data from customers` loyalty cards, RFID, POS scanners, etc. It ensures timely analysis of all innovations and minimizes the risks of potential frauds. In healthcare, a database for big data analytics tracks the spread of chronic disease and analyses efficiently healthcare information. Manufacturing relies on big data to increase productivity and improve supply chain capabilities. Finally, big analytics make a contribution to the work of the government, improving the effectiveness of security programs, and allowing authorities to examine citizens` activities, preferences, and moods. It is also used to detect suspicious activities on the Internet.
Big Data and Ukraine
In Ukraine, every segment can derive maximum benefit from the use of big data. In manufacturing, it can be implemented to track buying activity. Education can take advantage of big data by monitoring students` progress over time, the shifts in their interests, and their development. The use of big data in the healthcare system will help to improve public health by addressing the chronic diseases at the earliest stages. The potential of big data is so huge that we even cannot predict to what extent it will affect our country. We hope that we will discover it in the nearest future.
Evidently, our world is leaking into the big data world. Whatever we do, big data tools will detect it and turn into a valuable information. If used correctly, this innovation will positively affect our well-being, improving our education, healthcare system, and the work of our government.
Originally published at bigdata-ukraine.com on March 6, 2017.