The 21st century business of is a crazy mix of new ideas, innovational technologies and old trusty algorithms. Big data processing is a relatively new tendency in information business. Back in 2012 the importance of big data in business was appreciated for the first time (when a number of large companies, of the Fortune 500 list, asked their marketing departments to do a number of projects in the sphere of big data business).
What is big data in business?
Information flow in any segment grows every year. Classic data bases, which have recently contained most of the data, are becoming incapable of proper processing of the incoming data (and it is not only about its volume but more about the format).
Big data and business are developing in parallel. Every company gradually accumulates large amount of information and the bigger the business, the lager the amount of data is accumulated. Big data big business technology is required everywhere.
Classic data base cannot systematize scattered parts of information saved in different programs (this includes video files, program code, text documents and many other). This results in part of the data not being taken account during the analysis. Big data in business is used for storing, processing and systematization of the available information.
Big data business value
In order to track a certain business trend it is necessary to carry out a full-scale research that covers all data allowing for its constant change. This is the main use of big data for business.
Business analytics of the recent past tracked certain trends by structuring data bases. Big data technology gives more new potentials for business. The main opportunity big data business provides is the opportunity to do quality short-term and long-term forecasts. This is because the processing of a large amount of data allows for detailed study of business process dynamics and for building a model of their further development.
Big data analysis
Business process analysis by using big data is rather complicated. It requires an analyst to be able to build viable hypotheses (though they can use data acquired through different research methods), to build semantic, graphic or statistic models, then to check if the hypothesis corresponds to the existing data. If the hypothesis does not correspond to the existing data, another hypothesis should be built. Considering the fact that the data in the array are constantly renewed, this process is practically endless.
There is another way of getting analytical outputs based on big data — building a machine learning algorithm which will be able to track a trend by correlating one parameter to some other. But one should always keep in mind that data array is constantly renewed, thus this algorithm can become out of date quite soon.
Big data business value can hardly be underrated. Nowadays those who own information own the world. However not all companies today are ready to introduce big data into their business. Quite often analytical abilities of the employees are hardly enough to do simple business analytics of one column. Of course, in big business big data has much more potential. However, manpower shortage is present there as well. To process big data array they need a specialist who knows big data and business trends very well, who has vast knowledge in mathematics and statistics, who knows statistic programs (such as SAS). It isn’t easy to find such a specialist. That is why many companies prefer to attract their own big data specialist for their business from the talented graduates and personally invest in their further education.
Importance of big data in business has been highly rated by the top information technology companies. Big data have brought great benefits to those who know how to process them. Now we can definitely say that large-scale analytics is the future. And big data is a handy tool of big analytics.