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Big Data

BIG DATA Analytics is Big News.Big data trends show that there is lot of Big Data Initiatives being undertaken by Big Data Analytics companies.

Lot of Big Data Technologies and tools are discussed in the market place.¬ There are lot of IT Big Data ¬ companies which are doing well.¬ 
3 V is also discussed while discussing Big Data.

There are many benefits of BIG Data Platforms and Big data Applications.

But let us look at some Risks also.

Beware of Big Data! What you did not know about Big Data


What is Big Data?

First let us understand Data. What is Data?


Data is facts and statistics collected together for analysis and used as a reference for problem ¬ solving and decision making purposes.

As more and more people are using digital products and services there has been an explosive growth of data which is now available to make better decisions. Using the data collected through various interfaces it is now possible to analyze and apply the information ‚Äď from business to society to tackle a number of situations.

Big data is a popular term used to describe the exponential growth and availability of data, both structured and unstructured.

Big Data has the following characteristics
Volume
Velocity
Variety,
Variability
and Complexity.

Is it important and relevant?
Big data helps in reducing costs and expenses, time and task management, design and development of efficient market strategies, better products and services and understanding the social trends , understand problems and also lead to effective decision making process.

Big data and analytic is gaining huge acceptance among the business and the¬ corporate world.
The characteristics of big data can also be its weakness.

1. Volume of Data: The volume of data being generated is so large and growing every second is a challenge to ensure the data does not become obsolete by the time the information is analyzed.

2.Velocity of data: Velocity is the speed with which data is being generated. As data is being collected faster due to faster networks and internets as well as digital products and social networks providing new additional data and information being distributed and collected instantly over multiple devices…the data has the potential to be inaccurate.

3. Variety of data and variability adds to the complexity of data being generated and interpreted.
If big data is perfect there will be no unsuccessful or failure business entities - which is not possible. Not all companies are successful nor are all start ups. Nor did all big companies successful used bid data to reach where there are now.

Big data is not a standalone tool for long term solutions or complex problems which need a longer period of analysis.

Traditional methods like polling and modeling with available historical data when used with BIG Data can lead to better analysis and better decision making for complex situations.

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