- Big data is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. It exceeds the processing ability of conventional data systems and requires us to use an alternate way to process it so as to gain value from the data.
- The data could be from social networks, web server logs, traffic flow sensors, satellite imagery, broadcast audio streams, banking transactions, MP3s of rock music, the content of web pages, scans of government documents, GPS trails, telemetry from automobiles, financial market data and so on.
- It answers specific questions such as the need of the customers, their opinion and image of the brand
- For organisations, analysis of this hidden data may give an insight into things which were previously hidden due to its bulk and the subsequent cost required for its process. This is done by collecting, organizing and analysing large sets of data to discover patterns and other useful information.
- For instance, analysis of shoppers’ transactions, social and geographical data gives the analyst knowledge about peer influence on customers, greatly reducing the time that would otherwise require for sampling followed by extensive investigations.
- It also enables new products and services, by combining a large number of signals from a user’s actions and those of their friends, Facebook has been able to craft a highly personalized user experience and create a new kind of advertising business.
- With the right big data analytics platforms an enterprise can boost sales, increase efficiency, and improve operations, customer service and risk management.
- One of the fundamental reasons for opposition of Big Data is centered on privacy since massive amounts of personal data is collected and analysed without a consideration to the person in question.
- The large volume of information being collected may be used by finance companies to personalise various schemes for maximisation of their benefits thereby leading to indiscrimination against a certain group of people.