According to Andrew McAfee, ‘The world is like a big data problem’. Data is the king nowadays. It powers everything one dreams of doing. Data has been evolved as new technical solution for addressing the problems that emerge day by day. The term ‘Big Data’ refers to the complex volumes of both structured and unstructured data available these days. One can extract data or information for many sources to analyze it critically. How one makes the use of big data is more important than the quantity of data that one might access. Many answers are hidden in the big data that can make the lives more convenient. A thorough and careful examination of data careducing costs, determining causes of failures, detecting fraudulent behavior, enhancing decision-making capabilities and optimization of the available resources.
Here are top 10 big data facts that one might be aware of if he desires to turn data into business insights:
1) Big Data is omnipresent:
Today, most of the data is accessible in digital form. A lot of information is available on digital platform with an ever increasing number of things being digitalized and associated with the web. With the invention of 5G or Internet of Things (IoT), any gadget or device can be connected to the web, thereby enabling flow of data. Using this technology anything can be uploaded to the virtual clouds that act as storage for unlimited data. This has resulted in new information streaming into your associations from completely new territories. Associations should utilize this data with no dread to digitize items.
2) Diverse culture of Big Data:
Keeping in mind the end goal to completely exploit enormous information, it is basic to transform your firm into a data-driven organization. A major information culture requires that representatives be urged to guarantee that the information is gathered and stored properly so that it can be served to the clients on request. They should be prompt enough to inquire and resolve the encountered problem on the spot. The managers should be aware of the application of big data strategies.
3) Hadoop framework for data processing:
The information in a Hadoop system is partitioned into numerous pieces, known as blocks. This means that data is dispersed all through the structure. This provides the scalability that is required for big data processing. With the combination of technologies, massive amounts of data can be stored, analyzed and processed in a fraction of a second. The SmallSeoTools.com feature of linear scaling with the product hardware is very easy to implement.
4) RFID and crime prediction:
Over 12 million RFID tags have been sold by 2011. These tags can be used to capture data and track movement of objects in the physical world. Big data can be employed for ‘predictive policing’. The trial to predict crimes before they happen was successful in California. It was able to identify the areas prone to crimes more accurately using big data analysis.
5) Gravity of Big Data:
In less than a minute, the internet is flooded with more than 200 million emails and about 3 lakh tweets. 18 million facebook likes are generated every minute with 2 lakh photo uploads. Google alone is processing over 3.5 billion search queries in a single day. The gravity of the big data is evident from the fact that total amount of data being captured and stored by industry is doubling in every 1.2 years.
6) Immense inherent opportunity:
There is immense opportunity that awaits you in big data. It’s the right time you should grab it. McKinsey estimates a shortage of about 1.5 lakh Big Data Analysts and engineers in 2018 in America alone. A shortage of 1.5k big data managers is predicted. These are needed to manage the big data engineers and to connect the IT aspect of big data with the strategy aspect. Big data is everywhere; you just need to open your eyes to comprehend where it can lie and how you can discover it, investigate it and utilize it.
7) Big data start-ups:
The Datalfoq is a platform that gathers a variety of enormous information regarding new businesses that have built up a solution to address huge data. There are many start-ups enlisted on the site, and together they have managed over $ 890 million funding. The White House has spent around $200 million in data projects. Developed countries like USA are ahead of others in terms of funding start-up projects under taken in big data field.
8) Addressing the privacy issues:
Undoubtedly, there are privacy issues that need to be focused upon in big data field. Big data is like elder brother always keeping his eyes on your activity. If the information isn’t effectively anonymized, there will be an immense danger of unauthentic information. It is essential for the general population also to maintain a balance between the two and determine the amount of association that is adequate.
9) Spendings on big data on surge world-wide:
Big data has been fortunate enough to get financial support both from the government agencies and IT firms. As per the latest trends it is predicted that big data IT spending will grow to $43 billion in 2016. The US government granted about $200 million for research and development in this field. Big data is also been supported by the European Union. The expectation is that big data will be an integral part of the enterprise software baseline by 2020.
10) Concern regarding security measures:
At the time associations accumulate huge profitable datasets, lawbreakers are vigilant to take that information and utilize it further bolstering their good fortune. There have been incidents in the past where substantial online organizations were hacked, including LinkedIn, Evernote and even Bitcoin. The similar is the case with government foundations which are equally prone to security breaches. To secure the data collected, it is mandatory to encrypt it so that the hacker is not able to access the official information.