What is Big Data - Lantern Institute

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Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity. Put simply, big data is larger, more complex data sets, especially from new data sources. Get certification classes of big data course visit us: http://www.lanterninstitute.ca


Presentation Transcript

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Definition Of Big Data Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.

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The concept gained momentum in the early 2000s when industry analyst Doug Laney articulated the now- mainstream definition of big data as the Five Vs Volume Five Vs Organizations collect data from a variety of sources including business transactions social media and information from sensor or machine-to-machine data. Volume is the V most associated with big data because well a volume can be big. What were talking about here is quantities of data that reach almost incomprehensible proportions.

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Velocity Velocity is the measure of how fast the data is coming in. Facebook has to handle a tsunami of photographs every day. It has to ingest it all process it file it and somehow later be able to retrieve it. Data streams in at an unprecedented speed and must be dealt with in a timely manner. RFID tags sensors and smart metering are driving the need to deal with torrents of data in near-real time.

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Value When we talk about value we’re referring to the worth of the data being extracted.  Having endless amounts of data is one thing but unless it can be turned into value it is useless.  While there is a clear link between data and insights this does not always mean there is value in Big Data. The most important part of embarking on a big data initiative is to understand the costs and benefits of collecting and analyzing the data to ensure that ultimately the data that is reaped can be monetized.

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Data comes in all types of formats – from structured numeric data in traditional databases to unstructured text documents email video audio stock ticker data and financial transactions. Variety

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Veracity Veracity is the quality or trustworthiness of the data. For example think about all the Twitter posts with hashtags abbreviations typos etc. and the reliability and accuracy of all that content.  Gleaning loads and loads of data is of no use if the quality or trustworthiness is not accurate.  Another good example of this relates to the use of GPS data.  Often the GPS will “drift” off course as you peruse through an urban area.  Satellite signals are lost as they bounce off tall buildings or other structures.  When this happens location data has to be fused with another data source like road data or data from an accelerometer to provide accurate data.

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Importance of Big Data The importance of big data doesn’t revolve around how much data you have but what you do with it. You can take data from any source and analyze it to find answers that enable Low cost The open-source framework is free and uses commodity hardware to store large quantities of data.  Scalability You can easily grow your system to handle more data simply by adding nodes. Little administration is required.

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Control Online Reputation Sentimental analysis can be done through Big Data Tools thus a company can check on what is being said by whom online and manage their online image efficiently and effectively. Computing Power Hadoops distributed computing model processes big data fast. The more computing nodes you use the more processing power you have. Availability of Data   Through Big Data tools relevant data can be available in an accurate and structured format in real time.

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WHO USES BIG DATA Big data affects organizations across practically every industry. See how each industry can benefit from this onslaught of information. S I N A I D E S I G N E R S

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B I J O U M E D I A M A R K E T I N G P R O P O S A L Banking Health Care Education Patient records. Treatment plans. Prescription information. When it comes to health care everything needs to be done quickly accurately – and in some cases with enough transparency to satisfy stringent industry regulations. When big data is managed effectively health care providers can uncover hidden insights that improve patient care. With large amounts of information streaming in from countless sources banks are faced with finding new and innovative ways to manage big data. While it’s important to understand customers and boost their satisfaction it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Educators armed with data-driven insight can make a significant impact on school systems students and curriculums. By analyzing big data they can identify at-risk students make sure students are making adequate progress and can implement a better system for evaluation and support of teachers and principals.

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Government Manufacturing Retail Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers the most effective way to handle transactions and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things. Armed with insight that big data can provide manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market. More and more manufacturers are working in an analytics-based culture which means they can solve problems faster and make more agile business decisions. When government agencies are able to harness and apply analytics to their big data they gain significant ground when it comes to managing utilities running agencies dealing with traffic congestion or preventing crime. But while there are many advantages to big data governments must also address issues of transparency and privacy.

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Data is changing our world and the way we live at an unprecedented rate. If Big Data is capable of all this today – just imagine what it will be capable of tomorrow. The amount of data available to us is only going to increase and analytics technology will become more advanced. For businesses the ability to leverage Big Data is going to become increasingly critical in the coming years. Those companies that view data as a strategic asset are the ones that will survive and thrive. Those that ignore this revolution risk being left behind.

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