5b. Big Data

What is Big Data?

Many people say that now is the era of big data, then what is big data? In terms of terminology, big data refers to the research and application of large and complex data sets. By now, big data also refers to user behaviour analysis or predictive analysis by extracting valuable information from the data. For example, companies can use big data collection and analysis to understand how customers feel about products and services.

5Vs of Big Data

Source: Demchennko et al. 2013

There are five characteristics of big data:

Volume: The size of the data determines the value and potential information of the data being considered.

Variety: Data type diversity. Today’s data is unstructured, such as video, picture. Big data technology allows to collect, store, and analysis those structured and unstructured data.

Velocity: Refers to the speed at which data is obtained

Value: Rational use of big data to create high value at low cost

Veracity: Refer to high quality or trustworthiness data.

The value of big data

The current society is a fast-developing society with developed technology, information circulation, closer communication, more convenient life. Big data is the product of this high-tech era. As what Jack Ma said that the future era will not be the IT era, but the era of DT (DT means Data Technology). For many industries, how to use these large-scale data is the key to winning competition. The value of big data is reflected in the following aspects:

1) Companies that provide products or services to a large number of consumers can use big data for precision marketing

2) Small and medium-sized small and medium-sized enterprises can use big data for service transformation

3) Traditional enterprises that must be transformed under the pressure of the Internet need to keep pace with the times and make full use of the value of big data.

By combining big data and high performance analysis, it is good for business to analysis of root causes of failures, problems, and defects timely that reduce their cost. In addition, business could make immediate decisions based on the big data, which offers organizations more competitive advantage. What is more, according to analysis the data of customers’ needs and satisfaction, business can offer new products or services what they want or what the market is able to accept (Davenport and Dyché, 2013).

The application of the big data also can be used in the public sector services, learning services, transportation services, and fraud detection. For example, big data can keep track of all the patients’ history, and then doctors could search and brows it once patients need treatment. Besides, big data can be used in recording patients’ timely data, such as heart and temperature. It not only reduce cost but also save time for people.

References

Cano. J. (2014). The V’s of Big Data: Velocity, Volume, Value, Variety, and Veracity. Available at: https://www.xsnet.com/blog/bid/205405/the-v-s-of-big-data-velocity-volume-value-variety-and-veracity

Davenport. T H and Dyché. J. (2013). Big Data in Big Companies. Available at: https://docs.media.bitpipe.com/io_10x/io_102267/item_725049/Big-Data-in-Big-Companies.pdf

Demchenko. Y, Grosso. P, Laat. C. de & Membrey. P. (2013). Addressing big data issues in Scientific Data Infrastructure. In 2013 International Conference on Collaboration Technologies and Systems (CTS). pp. 48–55. DOI: https://doi.org/10.1109/CTS.2013.6567203

Hilbert, M. (2016). Big Data for Development: A Review of Promises and Challenges. Development Policy Review, 34(1), 135–174. http://doi.org/10.1111/dpr.12142

Kaufmann. M. (2016). Big Data Seminar 3. Available at: file://studentfiles.win.canberra.edu.au/Homes$/u3179939/Windows%20Profile/Desktop/michael%20kaufmann%20einfuehrung%20big%20data%20seminar%20(1)%20(2).pdf

7 Big Data Examples – Application of Big Data in Real Life. Available at: https://intellipaat.com/blog/7-big-data-examples-application-of-big-data-in-real-life/