Do you know the amount of data we generate every day? According to an estimate, at least 2.5 quintillion bytes of data is being produced every day. And in case you are wondering how much a quintillion is, that is 2.5 followed by a staggering 18 zeros.
The number in itself is sufficiently baffling to make out that the rate at which we are generating data is outpacing our ability to analyse it. This could become our curse because to the extent at which we are missing valuable analytic data is incredible.
Right now, only 0.5% of our information is being analysed. Every day we produce a big heap of data which needs to get converted for an intelligent use. And what comes in this as a challenge, is that big data is not valuable until it is understood.
What is Big Data?
Big data is a term for datasets that are so large or complex that traditional data processing applications are inadequate to deal with them. Big data challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualization, querying, updating and information privacy.
Big data is used for predictive analytics, user behavior analytics, or certain other advanced data analytics methods that extract value from data, and seldom to a particular size of data set.
Advantages of Big Data
Cost reduction: Employing big data technologies help in cost reduction. Today companies are rather than processing and storing vast quantities of new data in a data warehouse, use open-source software framework like Hadoop for data storage and distributing, and move it to enterprise warehouses as needed for production analytical applications.
Help in making better, faster decisions: Data analytics has been always used to make smarter decisions, and big data doesn’t change that. Large organizations are seeking both faster and better decisions with big data, and they’re finding them.
New products and services: And the most useful feature of big data is that it allows you to create new products and services for customers. Online companies have been doing this for a decade or so, but now predominantly offline firms are doing it too.
Industries that can benefit from Big Data
Finance: In the very near future, computer driven financial advisors will begin to replace human advisors. Computerized systems can sort through tens of thousands of possible companies to make recommendations.
It can look at your social media posts, your emails, and through sentiment analysis, determine which companies best align with your values and your risk tolerance. And then it can continue to monitor your personal profile and the market and help adjust your portfolio in real-time. A human advisor can’t begin to compete with that level of detail and automation.
Healthcare: Big companies like Google, Apple, Samsung, and others are investing billions in developing new biometric sensors. If the data collected from these sensors is combined, then the information could help prevent disease and extend lifespans.
Insurance: Big data can also help insurance sector with companies like Progressive offering discounts of you agree to putting a little monitoring device in your car that lets them know whether or not you’re a safe driver.
Imagine a health insurance company doing the same thing; just wear this smart device for a few weeks, and we’ll let you know if we can insure you at a lower rate. If your heart rate, blood pressure, activity levels and other things indicate you lead a healthful life, you get a discount.