Big Data refers to data-sets so large & complex that it becomes difficult to manage & process via traditional RDBMS tools. Every day we roughly create 2.5 Quintilian bytes of data; 90% of the worlds collected data has been generated only in the last 2 years.
Do you guys know what a Tsunami is? Well, that is how BIG Data hit the technology world over the last 8 years. Only in the last 2 years, we’ve generated 90% of the worlds available data and this is just the beginning.
It is not a technology. It is not a tool. BIG Data is extremely large volumes of data, mostly unstructured in nature, which cannot be stored, processed or managed by traditional RDBMS tools. Till date, we’re very familiar with Giga-bytes & Mega-bytes. However, BIG Data runs in Petabytes, Terabytes and beyond.
Why has Data Generation Increased?
They are 3 triggers for this.
1.Access to data became easier after the advent of the internet; Never before did the human race have access to such in-depth information.
- BIG Data provided extremely lucrative insights to business organisations.
- Due to this cycle of access, insight & results, investments were done to ensure as much data as possible is collected.
- This led to the explosion of BIG Data.
Lets see a few examples of this in actual business.
I’m sure you’ve all heard of Walmart.
It has the highest retail footprint across the globe; every hour they record 1 million transactions. Can you imagine the quantum of data this would generate? Especially, when combined with variables such as social media interactions and online-offline purchase patterns. Well, they did that and generated incremental revenues running into billions of dollars.
This was the money they were earlier loosing due to lack of BIG Data analytics.
They analysed each & every consumer interaction to answer questions like, does local weather deviation affect buying patterns? How can we optimise inventory routes for better logistics? What will this specific set of customers purchase next? How can product recommendations be enhanced based on individual social media data?
This provides a Walmart with excellent consumer & operational insight.
Facebook is another relevant example.
The success of a social network is very heavily dependent on customer retention and advertising revenue. Today, Facebook has advertising revenue in excess of $3 Billion per year and more than 1 billion daily active users; they have overtaken Google to become the most visited website in the world.
Each and every action taken by a user including group submissions, image uploads, chat messages, video views and post comments are tracked by Facebook in real-time to provide users with greater personalization .
BIG Data enables all the options which Facebook provides to advertisers; This generated advertising revenue in excess of $3 Billion in 2014.
If you have any questions, please give a comment. We’d be happy to clear all your doubts.