Importance of Big Data Analytics in the current scenario

There is a saying “Today Data is the new Oil”. Data in today’s business & technology world is absolutely crucial. The Big Data technologies and initiatives are rising to analyze this data for gaining insights that can help in making strategic decisions. The concept evolved at the beginning of 21st century, and every technology giant is now making use of Big Data technologies. Big Data refers to vast data sets that may be structured or unstructured. There is a massive amount of data which has been produced everyday by businesses & users alike. Big data analytics is the process of examining large data sets to find the underlying insights & patterns. Data analytics field is absolutely vast.

Now let’s understand the importance of big data analytics

Big data analytics
different types of big data analytics

The Big Data Analytics is indeed a revolution in the field of information technology. The use of Data analytics by the companies is increasing day by day. The primary focus of the companies is on the customers. Hence this field is flourishing in the area of B2C applications. There are 3 divisions of Big data analytics: Prescriptive Analytics, Predictive Analytics, Descriptive Analytics. There are four different perspectives to explain why big data analytics is so important. They are

  • Data Science Perspective
  • Business Perspective
  •  Real Time Usability Perspective
  • Job Market Perspective

Big Data Analytics & Data Science

The analytics involves the use of advanced techniques & tools of analytics on a data obtained via different sources & different sizes. Big Data has the properties of high variety, volume & velocity. The data sets are basically retrieved from various online networks, web pages, audio & video devices, social media, logs & many other sources.

It involves the use of techniques like machine learning, data mining, natural language processing & statistics. The data is extracted, prepared & blended to provide analysis for the businesses.

Data Science
data science machiene learning and data mining

Data analytics involves qualitative as well as quantitative techniques to improve business productivity & profits. The tools are used by researchers, analysts & engineers from business organizations to access data efficiently. There are special analytics tools that use these techniques to analyze the data sources for fresh insights. This data is unstructured & the tools help to capture this data & store it for analysis.

Some common data analytics tool include, Apache, Hadoop, Hive, Storm, Cassandra, Mongo DB & many more.

What are the benefits of Big Data Analytics?

Due to enormous growth in the field of Big Data Analytics it is extensively used in multiple industries like

  • Banking
  • Healthcare
  • Energy
  • Technology
  • Consumer
  • Manufacturing

Diagrammatic explanation of Big Data Analytics in Banking

Big Data Analytics
different types of big data analytics

The importance of big data analytics leads to intense competition and increased demand for big data professionals. Data Science and Analytics is an evolving field with huge potential. Data analytics help in analyzing the value chain of business and gain insights. The use of analytics can enhance the industry knowledge of the analysts. Data analytics experts provide the organizations a chance to learn about the opportunities for the business.

 

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Story Conceived & Written by Editorial team, Insourcing Multiplier

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