Big Data: Technological Challenges And Intangible Effects
Big Data brings about the technological challenges and intangible effects that it possesses to change the way we work and our livelihood completely. We must remain prepared for it.
The digital universe has been in the making for a long time; It could be said since 1948 when Claude Shannon created the word byte to give a name to measure a unit of information.
Today, the digital universe, which according to the IDC in 2011 was approximately 1.2 ZB, will grow 44 times faster this decade. Even though it is undoubtedly an excellent achievement for Big data, there is still a question: why is it essential?
Big Data will offer intangible effects that will change our working and living ways, and it is vital for the following three reasons, which are interrelated.
1. New Data
The Big Data that is gathered and stored contains huge and magnanimous data of information that was unavailable in the past, and we were unaware of it.
Most of the data from Big data has new content, and the data relating to e-Commerce is a strong example of this. The days are far left behind when the websites only performed the functions of capturing transactional data, such as stock supply optimization and price adjustments alongside transactional data.
Today, e-commerce is focused on capturing the flow of clicks that customer makes during a transaction. They capture the route we take before finalizing the transaction or leaving our shopping cart. This data includes tangible consumer information, such as the styles, colours, and sizes you are looking for.
But now, more importantly, it also captures the information that the consumer consulted during the process; for example, the opinion and classification that other consumers made of the product, the sustainability of the manufacturing process and the availability of other complementary elements.
Click flow analysis aims to understand human purchasing processes better to tailor our future shopping experiences and, of course, to improve our purchasing productivity.
2. Unlocking Value
Big data can be discovered through automated analysis since Big data is digital data. Data analytics converts the data into new information and can lead to intelligent action.
Big data by itself is not the only reason why it is crucial. All these data must be analyzed to reveal the value they hold. Business intelligence (BI) searches the entire transaction history of a database to generate reports, model trends, and provide statistics on system performance. Big data not only broadens the amount of data currently available to BI but also adds an unprecedented level of complexity that stretches the boundaries of analysis.
Also Read: How Is The Cloud Changing The Role Of CIOs?
3. Shaping the Future
The type, depth, and sophistication of analysis that can be performed today and in the future may be much more proactive. This will influence our future and how it shapes against the posing reactions to the consequences of the earlier years.
The type of information that Big Data possesses has also allowed us to gain mileage by replacing the primitive modelling of the future based on the past trends of our history with astute proactiveness and meaningful future actions.
In the world of BI, traditional analytics performed historical analysis to learn from the past and improve efficiency in the future. Still, it was the user’s job to identify the relevant information and how to use it. Instead, Big Data analytics perform predictive analytics that seeks answers to questions such as: what will happen next? Or, what if these trends continue? And most importantly, why is this happening, and how can it be changed?
Predictive analytics allow us to model and influence the future by preventing certain events from occurring and thus changing the course of actions. They also allow us to anticipate people’s preferences and make recommendations based on them. Consider a business that has thrived on this kind of analysis: Books Amazon.
In essence, the importance is because it captures not only the facts but also the behaviour and thoughts of people, at an excellent level of granularity, almost in real-time.
Big data contains information that can be revealed by analytics, which becomes increasingly predictive. This type of information will be incorporated into the structure of our daily lives, genuinely transforming the way we work and live.
Also Read: What Is Data Integration?