Regardless of the type or size of business you’re running, finding real value in data is critical. But being able to access this data from different sources, analyzing and visualizing it in real time to get better business insight is a whole different game. And it is becoming more & more complex due to the rapid generation of information these days. Can you believe, we create 2.5 quintillions of data every day.
Still, you need to capture and make sense out of this data so that you can take quality business decisions. How we can do this? BIG DATA. In the last 4 to 5 years, Big Data has taken the world by storm and has become one of the most popular buzzwords that everyone is talking about. But do you really know exactly what Big Data is and how it is making an impact on our lives? We got you covered. This post we will give you,
- Big Data – Definition
- The story of Big Data
- Food Industry
Big Data – What does it actually mean?
According to Gartner’s definition: Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity.
Simply, Big Data refers to the huge chunk of raw data that is collected and analyzed by organizations day after day to increase business efficiency and to take quality business decisions.
The story behind Big Data
The term Big Data is first coined by Roger Mougalas from O’Reilly Media in 2005. However, the concept of collecting and analyzing all the available data has been around much longer.
The earliest examples of storing and analyzing data include tally, abacus, etc. These principles continued to grow and given rise to accounting in Mesopotamia. In 1663, John Graunt carried out the first recorded statistical data analysis in London. Then in 1889, a computing system was invented by Herman Hollerith and this served the starting point of modern data. After that, the next noteworthy data development happened in 1937 by Franklin D. Roosevelt.
Nevertheless, the very first data processing system was developed by the British in 1943 named Colossus. Then in 1989, a British computer scientist Tim Berners-Lee invented the World Wide Web. As soon as we entered the 21st century, the creation of data started to grow at an extremely high and faster rate. More and more businesses around the world started to move towards the acceptance of Big Data. Even though Big Data has been around for a long time, we’re getting closer to the pinnacle.
Experts have broken down Big Data into four easy to understand segments. These are referred to as the 4V’s of Big Data. Let’s look at them.
Variety refers to the data that is gathered from multiple sources. While in earlier days, the data could be collected only from spreadsheets and databases, today we have our data in different forms like images, video, audio, email, PDF and much more.
It refers to the amount of data generated on a daily basis at a very fast rate. The volume of data generated by machines, networks and human interaction on systems itself is massive.
It is the amount of data that is being generated in real time. It measures how fast the data is being created and modified and the speed at which it needs to be processed.
Veracity and Value
Veracity refers to data accuracy. Not all data that are generated are precise and consistent.
Value, a straightforward V that should be taken into account. It drives the answer to the question, “How to use the data to get something meaningful for businesses around the world?”
Types of Big Data
Big data is composed of three different types of data.
The data which are stored and processed in a fixed format is known as Structured Data. It is easier to process this kind of data as it has a fixed schema. Examples of structured data are RDBMS – Relational Database Management System.
The data which don’t come under the Structured category or unknown form that can’t be processed unless it is converted into a structured form. Audio, video, images are an example of Unstructured data.
This falls somewhere between structured and unstructured data. XML or JSON are some examples of this kind of data.
Big Data has completely revolutionized the way businesses work these days. There are various industries and sectors are being benefited by Big Data.