Monday, 17 February 2014

What is Big Data Analytics? Where do we use it?

The current buzz word is Big Data Analytics. Lets understand what it means. It is a three letter word. Big-Data-Analytics.

Big - Where does Big Data Analytics starts? How Big data should be so that it categorizes as Big Data? Big is a relative term. Earlier size of Mega Bytes (MB) use to be Big compared to Kilo Byte (KB). Then Giga Bytes (GB) became bigger than MB. Now, Tera Bytes (TB) is considered as Big data. Soon TB will be considered as smaller and Peta Bytes Or Zeta Bytes will be considered as Big Data.

Data - Here Data means any data. Not only the data that is traditionally stored in databases but also, the data that is present in web, forums, emails or files. Some data may reside within organization boundaries and some data may be in external public sites. Data stored in database is generally known as structured data while data present in forums such as facebook or twitter is known as Unstructured data.

Analytics - Analytics is to analyze the (Big or Small) data and come up with reports and findings that will help management to take right decisions. One can use ready-made tools or can write custom programs as per organization needs.

There are many real world applications of Big Data Analytics. Few examples are:
1. Enhance Retailing - Based on Buyer's profile, past experience, community recommendations and current trend in sales, one can present products to Buyer when he\she is online or in-store thereby increasing conversion rate from just visitor to customer.

2. Financial Services - To reduce frauds, to reduce risks and to cross sell products based on vast transaction data, Financial Services can leverage big data analytics to their biggest competitive advantage.

3. Tourism Services - Travel firms, Airlines and Hotels can use vast amount of real time weather data, world events, ticket sales and reviews to increase effectiveness of their marketing campaigns.

If your organization is looking to implement Big Data Analytics, contact MintStat. Happy Analytics!!!

MintStat Team