What is BIG DATA exactly?
Big data is a term used to describe the large volume of unstructured and structured data that a business accumulates over a period of time. It is regarded as the science of understanding and predicting human behavior by studying gargantuan volumes of data. Big Data is also referred to as ‘predictive analytics’ because it provides data that can be analyzed for insights that lead to better decisions and strategic business moves, which is important to every entrepreneur.
Some Big Data examples include analyzing Twitter posts, Facebook feeds, studying security videos, traffic data, weather patterns and heart rate trackers. For a well-practiced entrepreneur like myself, Denis Bederov, I think it’s important to know what Big Data exactly is.
Big Data encompasses the unstructured data collected from a variety of sources, including business transactions, text documents, email, video, audio, financial transactions, social media and sensor information or even machine-to-machine data. Other forms of data that make up Big Data include structured and numeric data in traditional databases.
People often come to me and ask, “Denis Bederov, what exactly is all the buzz surrounding Big Data about? Why do you think Big Data is important?”
Personally, I believe that the essence of Big Data is not just about the volume of the data you have, but what you do with it.
With Big Data, an entrepreneur like me can collect data from any source and analyze it to find answers that enable cost reductions, time reductions, new product development and influence smart decision making. When Big Data is combined with smart analytics, an entrepreneur can accomplish important business-related tasks like calculating causes of failures, issues and defects, with great accuracy, and even detecting fraudulent behavior before it affects his/her business.
So, from the perspective of Denis Bederov, I’ll let you see how business sectors can benefit from the advantages of Big Data.
If government agencies are able to apply analytics to their Big Data, they can be well equipped to run agencies, and deal with contemporary issues like traffic congestion or preventing crime. Furthermore, by studying social media, financial records, flight reservations, and security data, law enforcement agencies can predict and locate terrorist suspects before they perpetrate evil.
As for financial institutions, while it’s important to understand customers’ behavior to provide better services, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay ahead of the game with advanced analytics.
Similarly, by analyzing big data, educational institutions can identify lapses in students’ records and make sure that students are making adequate progress, so they can implement a better evaluation system and support for teachers. In the healthcare sector, when big data is managed effectively, health care providers can uncover hidden insights that improve patient care. Occurrence of epidemic breakouts can be accurately predicted, and maybe even prevented.
These and many more are some of the boundless prospects that Big Data offers and I think just like me, Denis Bederov, every entrepreneur can agree to these points, too.