The Big Data Concept has come a long way from its humble beginnings and has broken the framework of the traditional analytics. The traditional framework has lost ground, as the components are not well organized and significant aspects are excluded. The structure itself is generally in the form of a pyramid and these results in splitting the process of analyzing data into segments. This can result in fracturing the business. Big Data Analysis is different, in that it is not a pyramid but rather a diamond and it is touted as pushing several organizations to break with the old tradition of data analysis.
What is Big Data?
Big Data or Meta Data is considered a general term for describing voluminous amount of data that is unstructured or just partially structured. It can also refer to textual data that is created on regular or daily basis. Though there is no specific quantity for Meta Data, the term relates to data of multiple terabytes and even petabytes needed to be analyzed by organizations in order to avail significant business insights and spot trends. Though the big data concept has been around for several years and has gained momentum today with increasing volumes of data, making information management more challenging. The amount of data along with the way on integrating the data together presented challenges. The concept has evolved to suit multiple data structures, such as video and audio files, text and images. On the other hand, the traditional systems were not capable of loading the processing data as quickly and efficiently and businesses started facing what is known as ‘infrastress’. Technology was growing at a fast rate and businesses needed new technology for taking advantage of the increasing data collected.
Big Data Explosion
The Meta Data concept began just a few years ago and it has slowly been building up momentum, suddenly exploding in 2011. Analysts started surveying the concept, looking at Hadoop Big Data, which is an open source Big Data technology. Analyzing large data sets is the key factor for facing the competition today. The increasing importance of social media and multimedia makes it necessary for leaders to use the Big Data Concept to study industry trends. According to studies, it can result in increasing value for different sectors, such as manufacturing, health, retail, public sector and so on, resulting in increasing profit margins for the users. It increases efficiency and quality saving billions of dollars due to the operational efficiency offered by the Data Analysis system.
Big Data enables making the information transparent and it can be stored in digital form. The data collected is also more accurate and can be collected for several items, such as product inventories and so on. Trends can be viewed and forecasts made by controlled experiments leading to better management strategies.
Big Data storage is necessary when the data becomes very large and complex, making it difficult to store, search, share and analyze. This has led to many people claiming that Big Data is going to become even bigger in the coming year, as the enterprise Hadoop solutions is seen to be growing exponentially. This shows that there is great potential for big data startups providing analytic platforms, providing in-memory services to businesses.