Rise of Big Data – Why Big Data is Gaining Hype in Market?
Day to day rise of Big Data.
On a fine evening, while surfing Facebook, I got puzzled after finding a new feature.
I recently uploaded a group picture on my wall and forgot tagging Pooja in the picture. Facebook actually suggested me to tag her by recognizing her face exactly. Isn’t it crazy? So it was ‘Facial Recognition’ that truly recognized Pooja in the picture.
How did Facebook maintain to use more and more data from the users and innovate its features frequently? From where do the ideas come?
Is it Big Data? Of course, definitely, and absolutely. Big Data is growing so rapidly that it can even leave the internet behind. Learning and getting certified in Big Data will help you to get better job opportunities.
Big Data is a massive volume of both structured and unstructured data, that is so large and difficult to process using traditional databases and software techniques. Big Data helps in understanding human behavior and uncertain business conditions through predictive analytics.
Wait!! Don’t go ahead if you’re not aware of what exactly Big Data is
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The Rise of Big Data
In the third century BC, Historians believed that the library of Alexandria was capable of holding all the data of human knowledge. But today there is such an amount of data available in the world, to give each human 320 times as much of it could be stored in Alexandria’s entire library. If all this information were placed on CDs and stacked up, it would form many pillars and reach to the moon twice.
( I know it may give you goosebumps 😳 )
This much evolution of data is entirely new. 90% of the total data in the world was realized recently.
Earlier only a quarter of all the world’s stored information was digital. Analogue media, paper, and film preserve the rest of the data. But the amount of digital data expands so quickly, that today less than two percent of data is not digital.
You must be thinking of the Trends? Right? We’ve got something for you – Top 10 Big Data Trends
The idea of Big Data is simply not new, it is everywhere. It is growing and it is getting tougher and tougher for companies to understand. The effect of Big Data is everywhere, from business to science, from the government to the arts, where we are, what we like, what we buy and when we buy, with whom we interact and more. This clearly shows the rise of Big Data and how it is capturing the market.
The Hype behind Big Data
Big data is not just about digitizing existing information. It’s about rendering more of our lives in data in real-time. So the scientists recognized the need to re-think a new approach toward Big Data.
Data need to be made available in an understandable form for the right application context and in the right portion size so that it can be turned into knowledge and eventually wisdom🙄.
The Data Scientists and Analysts need to know about data that can’t be ignored, data that they are not aware of and that can be fully utilized for analysis. In the foreground, it is the extension of human mental capabilities and data understandability.
Social media platforms such as Linkedin, Twitter, Facebook, Snapchat and Instagram are examples of the real-time datafication of customer’s lives.
Let us now look into the real-world applications of Big Data: Real-Time Big Data Applications
I hope now you have an idea about the importance of Big Data in various sectors.
Big Data can light the businesses like the moon but even the moon has some marks and some people think about the Big Data in the same manner.
So, after exploring the reasons for the rise of Big Data, let’s move on to to the drawbacks of Big Data.
The Drawbacks of Big Data
Today more and more companies are inculcating the power of Big Data for their growth, strategic planning, decision making and get insights to customer behavior. However, many people believe that Big Data cannot offer what they want.
Besides having capabilities of answering questions about demand, desires, and behavior companies feel that Big Data alone can’t provide them with what they want.
Due to these reasons, Big Data still needs to work for gaining some more confidence in people:
1. Difficulty in use for strategic decision making
Companies need to learn how to manage information, analyze it in ways that advance their understanding of their customers, and then act intelligently in response to new insights.
They first need to learn how to use the data already embedded in their core operating systems, just like people must master arithmetic before they tackle algebra. One of the reasons that companies are unable to benefit fully from big data is that their management practices haven’t merged with their technology platforms.
For example, companies that have installed digital platforms, such as Enterprise Resource Planning (ERP) systems and Customer Relationship Management (CRM) systems over the past years, have not taken full advantage of the information they make available. Therefore, there’s a need for cultural change in the companies so that they can have improved performance.
2. Big Data doesn’t provide a complete picture
Apart from the fact that Big Data provides us with large information about every event of the customer, it does not give us the whole picture.
It mostly provides information through social media from which most of the information is about young people. Even there are many people who are quite and could not pass any data because companies can’t hear them. Large data alone can’t give us information as it may not necessarily mean more insight as it does not necessarily reflect real life. People who spend a lot of time online are younger, better educated and more affluent than the overall population, offering many companies a limited view of existing and potential customers.
3. Big Data lacks the ‘Why’
Big data can reveal much about what’s going on, when it happens and where it happens. But we haven’t really arrived at the day when Big Data can tell us ‘why’ customers behave in a certain way.
Big Data can take us really far but still at some point human interaction and perspective is required to arrive at a decision. To understand the fluctuations in customer behavior the ‘why’ behind changing behavior is needed to understand to get true insights into customer behavior.
You must be aware of the Big Data Use Cases in the Retail Industry for a thorough understanding
Big Data may not have all the answers for the companies to understand their customers but it holds immense data to at least arrive at most of the valuable decisions of the economy.
As I said, Big Data is like a moon it may lack a bit but it is the answer for big problems.
After coming this far you are now aware of the rise of the big data and the reasons behind the hype of Big Data.
If you want to stay ahead in the competition start learning Big Data now! It will always take you a step ahead from others.
So is Big Data all hype? Probably not. It’s the future 😃.