Big Data

Big Data

Big Data is a collection of data that is huge in volume, yet growing exponentially with time. The use of big data is becoming common these days by the companies to outperform their peers. Big Data helps the organizations to create new growth opportunities and entirely new categories of companies that can combine and analyze industry data. Social Media is the best example of big data.

Types of Big Data

  1. Structured

Any data which can be stored, accessed and processed in the form of fixed format is termed as a structured data.

  1. Unstructured

Any data with unknown form or the structure is classified as unstructured data. This makes it very difficult and time-consuming to process and analyse the unstructured data.

  1. Semi-structured

This data contain both the forms of data. We can see semi-structured data as a structured in form but it is actually not defined with e.g., a table definition in relational DBMS. Example: XML file.

Characteristics of Big Data

  1. Variety

It refers to the variety of data gathered from multiple sources.

  1. Velocity

It refers to the speed at which data is being created in real-time. It also comprises the rate of change, linking of incoming data sets at varying speeds, and activity bursts.

  1. Volume

Big Data indicates huge ‘volumes’ of data that are being generated daily from various sources like social media platforms, business processes, machines, networks, human interactions, etc.

  1. Veracity

It refers to the reliability or trustworthiness of the data. Due to the large volume of data, we have uncertainity about the validity, the accurateness of data.

  1. Value

It refers to the worth of business value of the collected data.

  1. Variability

It refers to the inconsistency of big data and how the big data can be used and formatted.

Advantage of Big Data:

  • Big data provides opportunities to make better decisions.
  • Improved customer service.
  • It helps to reduce costs for organizations.
  • Early identification of risk to the product if any.

Disadvantage of Big Data:

  • The quality of the data is sometime questionable.
  • Big data analysis is not useful in the short run.
  • There can be a lack of talent in this area.