With the advent of the Internet and modern methodologies of collecting data, big data was born. Big data, in a nutshell, is a large collection of data and information that one computer, program, and even a team of people cannot handle. A few years ago, big data usually were as big as a few terabytes. Now, they usually range from a few petabytes or more.
Big data can be sets of data that are jumbled or too abstract to translate and analyze using normal and traditional data analysis techniques. Simply put, it is a large stream of information that is deemed to be useful, but as of current standards, it is difficult to process and create meaningful evaluations of. And it requires huge systems such as Hadoop BI to be analyzed and processed.
As of now, more and more companies are shifting and acquiring much powerful hardware to handle big data. A few have internally updated their current data structures to make way for big data in their systems and to make way for a DFSs (Distributed File Systems) such as Hadoop excel. Some of them hire the service of third-party data analysts that can handle big data management. FYI: Some companies that have tried to use and process big data in their businesses are Google, LinkedIn, and eBay.
Big data was not only deemed useful for IT companies, but it has also served its purpose in the following fields and industries:
Financial (Wells Fargo, Citi, USAA)
Industrial (General Electronic)
Sports (Phoenix Suns)
Health care (United Healthcare)
Marketing (Amazon, eBay)
Cloud services (Box)
The question here is: “What does this have to do with your business?” With big data being the recently most used buzzword with large companies such as Google and Microsoft, it is no wonder why everybody — usually CIOs (chief information officers) — would be interested with it.
Decision Making: Faster and Easier
Applying Bloom's taxonomy of cognitive domain, creating a decision requires a person to undergo certain processes. The person must do the following: Gather data, Understand, Apply,Analyze, Evaluate, and Synthesize. If all the processes are done right, one will be able to make a decision.
With big data analysis, you will be able to make sure that the first four steps will be correct and sound. The big data is your knowledge. Then, you will let big data analysis companies understand what the data is all about, find out how you can apply and use it in the real world, and analyze and remove the abstractness of such information.
What will be left is to evaluate and think about the action you will do with the processed data that you have, and synthesize or figure out how you can integrate the business decision that you have for your company. The result is faster, easier, and much more reliable business decisions.
Risk Management Becomes More Manageable
With the capability of creating fast and reliable decisions, you can easily manage the risks that will appear in your company. Companies analyzing advanced persistent threats use big data to keep their security in real-time, able to see even before a problem or risk arises. Even on a smaller scale, for example, just by knowing the rising numbers of complaints that your products or services are receiving, you can easily address them before it become a huge issue.
Chance for Expansion of Products and Services
Aside from preventing risks, you can also take advantages of the opportunities that are not easily seen and felt. Big data is a huge gold mine of opportunities. For example, taking advantage of Verizon's Precision Market Insights (a service provided by Verizon that gives information on the activities of Verizon's mobile phone users), you can come up with an idea on how you can use that information in providing new services or products. If the users love to eat in a certain location and you are in the food industry, you can easily put a restaurant in that place and ensure that the possibility of diners frequenting your establishment is high
To be honest, the benefits of big data analysis are almost the same as traditional data analysis. The big difference is that the data you have is much larger and diverse and the analysis processes for the data will be automatic.