Data Analytics and How It’s Relevant to Businesses
The term Big Data has been thrown around in the tech world for the past decade. Today, it has become a buzzword among big corporations to even your local mom-and-pop stores.
by Ridzwan Razalee
But what is it about big data that has garnered such an interest even among the average businessman? It seems that the days when tech innovations were only limited to those in the industry have shifted their course. Today the smartphone alone has enabled a single person with tools that once only existed in science fiction.
Every business at its core is nothing more than just transactions and interactions. It is a relationship between those providing goods and those receiving them.
The foundation of any successful business is the records of its operations. This practice helps create a flow and smoothness in a business operation as they can gather and digest information to help their business operate optimally.
So how does big data come within an old age practice of collecting information and storing it somewhere?
Big Data, as the name, suggests deals with an enormous amount of information. It is essentially the center of what runs a majority of our daily tasks today. From our social media accounts to our emails and the purchases we make online.
However, it is not just about the number of data one collects when dealing with Big Data, but also about how it is curated.
The 4 V within Big Data would help us explore and understand this concept with more clarity. The 4V: Volume, Variety, Veracity and Velocity.
Big Data processes data larger than terabytes and petabytes, taking giant leaps since the first electronic computer in just a short span of 50 years.
Volume is the first V to establish we are dealing with Big Data. The characteristic of the data processed is an integral part of the whole approach as well.
The information we are collecting from big data comes from a variety of sources. Each of these specific sources would require customized processing capabilities and specialized algorithms to make sense of the data.
Imagine obtaining every information on customers, competitors, suppliers, etc. All this information would be useless unless one can think of a way to give them specific treatment to make better decisions.
Data Veracity is how accurate or truthful the set of data that one acquires. Veracity in Big Data goes deeper than just the quality of data, it also covers accuracy in terms of relevance and usefulness.
Information is always in abundance, even before the digital age. By being selective on which information is relevant to us has always been the key to success. For example, you wouldn’t take a piece of a financial report online and use it without validation.
Veracity is the element of Big Data that works on validating the data at hand so it may serve to help businesses make better decisions moving forward.
The flow of the information is just as important when it comes to managing these data for companies. They would rely on these data to come in as close to real-time as possible.
Big Data Velocity deals with the speed at which data flows from sources like business processes, machines, social media sites, and mobile devices.
Think of Facebook posts or Twitter’s tweets as an example of data processed at a high velocity. Data flows in large amounts and continuously, which allows businesses to process information as events are unfolding that would directly impact their business.
REKA is a Research & Development company from Malaysia that focuses on delivering digital technologies and automation within organizations. Being one of the first startups to build autonomous vehicles within the region, REKA’s outreach has stretched to other countries around the globe, helping organizations to go digital, strategizing technology implementations and helping the community with Science, Technology & Arts.