Big Data – Concepts, Characteristics and Use case
Today, 80% of data is unstructured data and cannot be processed by traditional technologies, so Big Data was born and turned this data into a gold mine for businesses. Big Data hides great potential, to be together with Blockchain technology and AI, to become technologies of the 4.0 technology revolution. Let’s find out what Big Data is, its characteristics and applications through the following article.
What is Big Data
Big Data is a term that describes large and complex data sets. Such data cannot be collected, managed and processed using traditional data processing software within a reasonable period of time. These large datasets can include structured, unstructured and semi-structured data, each of which can be exploited to understand customer insights, leading to better decisions and actions. ergonomics strategic business.
Big Data’s Characteristics
Speaking of Big Data, the technical world refers to the five main characteristics used to describe it including Capacity, volume, velocity, Variety, and Value, referred to as 5V.
- Volume: the volume of Big Data is increasing day by day. According to Intel documents in September 2013, every 11 seconds, 1 petabyte of data is created worldwide, equivalent to a 13-year HD video.
- Velocity: the speed at which data is analyzed by companies to provide a better user experience. With the advent of storage techniques, tools and applications, data sources are constantly being supplemented at a rapid rate. McKinsey Global estimates that the amount of data is growing at a rate of 40% per year, and will increase 44 times between 2009 and 2020.
- Veracity: is the authenticity of the data. With today’s social trends and a strong increase in interactivity and sharing of Mobile users, it becomes increasingly difficult to determine the reliability and accuracy of data. The problem of analyzing and removing inaccurate data and noise are important properties of Big Data.
- Variety: The data is collected from many different sources, from sensor devices, mobile devices, via social networks, etc.
- Value: is the process of extracting enormous values hidden in huge data sets. This is the most important feature because the information extracted from Big Data analysis can be used in many fields such as business, scientific research, medicine, physics, etc.
Big Data applications into reality.
Big Data contains a lot of valuable information that if successfully extracted, it will help a lot for business, scientific research, predicting upcoming diseases and even identifying what Real-time traffic event. In the field of scientific research, Big Data is giving researchers the opportunity to approach and solve many difficult problems that were previously impossible or difficult to implement. Some areas where Big Data can support industry development.
Finance and Baking
Big Data has been applied effectively with activities: from cash collection to financial management. From there, help reduce customer troubles and sales increase for banks. Some of the ways Big Data can be applied in this industry are as follows:
- Using clustering techniques helps banks make important decisions
- Combined rule to predict the amount of cash needed to be available at a branch at a given time
- Data science is the foundation of the digital banking system
- Machine learning and AI are used by many banks to detect fraudulent activities and report them to relevant experts
- Data science supports the processing, storage and analysis of enormous amounts of data from everyday operations and helps ensure bank security
Health care – Medical
In the field of health care, Big Data with specific statistics from the large number of patient samples collected from mainstream sources is the basis for conducting new research, reducing costs and even cure or prevent the onslaught of disease. Benefits of applying Big Data in Healthcare and Medical:
- Allows the case manager to predict the physicians needed at specific times
- Monitor patient’s condition with electronic health records
- Using wearable digital devices, from there, the Big Data system can monitor the patient’s condition, send reports to the doctors
- Big Data can evaluate symptoms and identify many diseases at an early stage
- Can keep sensitive records secure and store huge amounts of data effectively
- Big Data application can warn of areas prone to outbreaks such as dengue fever or malaria.
E-commerce is the area that Big Data can support the most. Companies in this area can use Big Data to learn about consumer behavior from customers and make personalized shopping recommendations for each audience based on information collected from them (Ebay, Facebook, Google etc.). Specifically:
- Processing input information to help analyze customer insights
- Create a high performance marketing model
- Managers can identify the most viewed products and optimize the display time of these product pages
- Evaluate customer behavior and recommend similar products. This increases the ability to sell, thereby generating higher sales
- If any product is added to the shopping cart but the customer does not buy it, Big Data can automatically send a promotional code to that particular customer
- Big Data applications can also create a report according to criteria: age, gender, location of visitors, etc
Digital Marketing is the key to businesses approaching closest to customers. This is the field that receives most of the data through social media channels and websites. If analyzing this large data source, businesses can completely turn visitors into their potential customers. Here is how Big Data applies in Digital Marketing:
- Analyze the market, competitors and evaluate business goals. This helps identify good opportunities to proceed with the next business plan
- Can identify users on social media and target them based on demographics, gender, income, age and interests
- Create reports for advertising campaigns: performance, customers, and solutions to create better results
- Data science is used for customers who target and nurture the customer cycle
- Focus on highly searched topics and advice on how to get content to rank higher business websites on google (SEO).
- Similar audiences can be created using an existing audience database to target similar customers and make a profit.
For databases that are too large, the cloud is used to provide the infrastructure needed to calculate large data. In real life, many organizations are combining these two technologies to improve their business coordination.
How to apply Big Data:
- Cloud provides tools to extract data. From there, by analyzing big data, the goals and decisions of the business are determined
- Big Data application on Cloud platform helps organizations effectively manage many software and hardware tools
- Cloud speed up management and access to databases containing large numbers of records.
Keep on track with Lina Network to learn more about the advanced technologies of the 4.0 revolution in related posts.