Big Data is everywhere and there is an urgent need to collect and preserve whatever data has been generated. We also find that there is a greater fear of missing something, which is important. Big Data Analytics has become crucial, it helps improve business, decision making and offers the biggest edge over the competitors.
The term big data can be described as something large volume of data which is both structured and unstructured, that inundates a business on a day-to-day basis. Data is available everywhere but how can organizations capitalize on that is the big question!
The term big data is relatively new and the act of collecting as well as storing a large amount of information for eventual analysis is age old practice. The above concept gained momentum, in the early 2000’s when industry analyst Dough Laney articulated about the now-mainstream definition of big data as the three V’s.
Big data can be analyzed for insights and leads to better decisions and strategic business moves.
Volume − Businesses collect data from a variety of sources, including business transactions, social media and information from sensor or machine to machine data.
Velocity − Data streams in at an unprecedented speed should be dealt in a timely manner. RFID tags, smart metering, sensors are driving the need to deal with torrents of data in near-real time.
Variety − Data comes in all formats starting from structured, numeric data in traditional databases to unstructured text documents, video, email, audio, stock ticker data and financial transactions.
Variability − In addition to increasing velocities as well as varieties of data, data flow can be highly inconsistent with periodic peaks. If something is trending in social media? Daily, seasonal and event triggered peak data loads can also be challenging to manage. Even more so, with unstructured data.
Complexity − Today, data is derived from multiple sources, which makes it difficult to link, match, cleanse and transform data across systems. However, it is essential to connect as well as correlate relationships, hierarchies and multiple data linkages or your data can quickly spiral out of control.
The amount of data that has been created and stored on a global level is almost inconceivable and it just keeps growing. It means, there exists more potential to glean key insights from business information. Yet, only a very small percentage of data is analyzed. What does that mean for businesses? How can they make better use of raw information, which flows into their organization each day?
The significance of big data does not revolve around how much data you have but revolves around what you do with it. You can take data from any source and analyze it to find answers, it enables.
When you combine big data with high-powered analytics, you can accomplish business-related tasks such as –
In minutes, you can recalculate the entire risk portfolios.
Based on the customer buying habits, coupons can be generated at the point of sale.
Determining root cause of failure, defects, and issues in near real time.
Detecting fraudulent behavior before it affects your organization.
Big data and the way organization derive and manage insight from it. It is changing the way the world uses business information.
If you are in the market for a big data job, then the below skills will garner you with a job offer.
Apache Hadoop − Those who are aware of the core components of Hadoop stack such Flume, Oozie, MapReduce, NoSQL: Pig, Hive, Yarn, and HBase, will be in high demand.
Apache Spark: For Spark, technical expertise is required in order to program and run, thereby
offering job opportunities.
NoSQL − In the mobile app as well as on the web, NoSQL databases are often the source of data crunched in Hadoop and destination for application changes put in place after insight is gleaned from Hadoop.
Machine learning and Data Mining − Big Data pros can harness machine learning technology to build as well as train predictive analytic apps such as classification, recommendation, and personalization system. They are in super high demand and they can command top dollar in the job market.
Data Visualization − We find big data can be tough to comprehend, but in few circumstances there exist no replacement for actually your eyeballs on data.
Big data can be tough to comprehend, but in some circumstances, there’s no replacement for actually getting your eyeballs onto data.
Creative and problem Solving − No matter how many advanced analytic tools and techniques, individuals have on their belt, nothing can replace the ability to think your way through a situation.
Big data offers numerous choices in Job titles as well as type of Analytics.
From a career point of view, we find numerous options are available in terms of domain and nature of the job. Since Analytics is utilized in different fields, there exist numerous job titles for one to choose from –
Big data affects organizations across practically each industry. Different sectors benefit from this onslaught of information.
So why wait, all who wish to make smart move, can choose Big Data as their career. When you choose this lucrative career, you get an opportunity to work in different sectors.