What is Big Data & Analytics?
Big data refers to any massive dataset that is too large and complex for traditional data processing applications to handle. Big data analytics is the process of extracting insights from big data through specialized tools and techniques.
Big data is extremely valuable in today's business space as 36% of the companies rate it crucial for their business operations. Businesses use big data to improve their decision-making processes, better understand their customers, and optimize their marketing efforts.
Why is Big Data & Analytics Important?
Big data analytics can help organizations gain a competitive advantage by providing insights to improve decision-making, optimize business processes, and allow for better customer experiences.
Big data analytics can also help companies save money by identifying efficiencies and areas for cost savings. For example, big data analytics can prevent fraud, waste, and abuse.
In addition, big data analytics can improve public safety by giving law enforcement agencies the ability to predict and prevent crimes. Most importantly, using big data has become somewhat of a necessity for businesses today.
If your competitors are using it, why aren't you? Companies that don't keep up with the changing trends and latest market trends tend to go in loss. Therefore, using and analyzing big data is imperative for the success of your business.
What Types of Big Data exist?
Depending on the industry, every company uses different types of data. However, there are three standard types of data: structured, semi-structured, and unstructured.
Structured data is the most common type of data and is easy to process. It is stored in a fixed format, such as an Excel spreadsheet or a SQL database. Structured data is often used for reporting and analysis.
Semi-structured data is less common than structured data but more common than unstructured data. It is stored in a format that is not fixed, such as JSON or XML. Semi-structured data is often used for data mining and machine learning.
Unstructured data is the least common type of data but is growing at the fastest rate. It is stored in a format that is not fixed and does not have a predefined structure, such as text files, images, and videos. Unstructured data is often used for Natural Language Processing (NLP).
How is Big Data Captured?
Big data can be captured in two ways: through the capture of live data or the capture of historical data. Both methods are used based on the company's needs or preferences.
Live Data Capture: Live data capture is used to collect data in real-time. It is often used for fraud detection, risk management, and customer experience optimization.
Historical Data Capture: Historical data capture is used to collect data that has already been generated. It is also useful for trend analysis, target marketing, and predictive analytics. By collecting and using this data, companies can make informed decisions about marketing, advertising, and customer journey monitoring.
Which Industries Typically Use Big Data Services?
Since there's no limit to how you can use big data, almost every industry can leverage it to get insights into how it can perform better, generate more revenue, or beat the competition. Here are some industries where big data is of absolute importance.
Banking and Securities
The banking industry uses big data for various purposes, including fraud detection, customer segmentation, and risk management. Banks also use big data to develop new products and services, such as customer-focused financial products.
In fact, the big data analytics market in banking is expected to be as massive as $62.10 billion by 2025.
The healthcare industry uses big data for population health management, disease diagnosis and treatment, and clinical decision support. Pharmaceutical companies also use big data to develop new drugs and therapies.
For instance, companies might collect data about weather patterns and how they correlate with pollen counts to help with asthma forecasting and medication recommendations.
The telecommunications industry uses big data for network management, service assurance, and customer experience optimization. Big data is also valuable for targeted marketing and improving customer loyalty.
For instance, companies can use big data to develop new products and services, such as personalized mobile plans. They do this by collecting data about customer preferences and then creating a plan accordingly.
Big data is also being used in the education industry to improve teaching and learning. For example, it is being used to develop personalized learning plans for students, identify at-risk students, and evaluate teacher performance.
The government collects a large amount of data on its citizens. This data is used for various purposes, such as taxation, census taking, and law enforcement.
The retail industry uses big data to understand customer behavior and preferences. It helps retailers develop targeted marketing campaigns and improve their merchandizing strategies.
For instance, retailers might use data to identify which products are most likely to be purchased together. They can then place those products near each other in the store to make it easier for customers to find them.
What Does Big Data & Analytics Include?
There are different ways to describe big data. But the best way is through the 6 Vs. These include volume, variety, value, velocity, variability, and veracity. So let's look at them in detail.
Volume: The volume of data refers to its quantity. How much data is being collected? Depending on its use, you can collect different volumes of data.
Variety: What kind of data is being collected? You can collect data of different types, such as visual, textual, numerical, etc.
Value: The value of data refers to its worth. What is the business value of the data? What will you use the data to? Which actionable insights will the analysis of this data product?
Velocity: The velocity of data shows how fast it's being generated and consumed. In some cases, data might need to be processed in real-time.
Variability: Variability means how much data is being changed over time. Is the data static or dynamic?
Veracity: Veracity measures the accuracy of data. How accurate is the data? How complete is it? Accuracy is an important factor in terms of usability. If the data is not highly accurate, it won't be exactly usable or helpful.
What Do You Need To Get Started With Big Data & Analytics?
When it comes to big data and analytics, there are different tools and technologies that you can use. It depends on your needs and preferences. Some of the most popular tools include Hadoop, Spark, NoSQL databases, and MapReduce.
Hadoop is an open-source software framework that enables distributed storage and processing of big data. Meanwhile, Spark is an open-source data processing framework that can be used for various tasks, such as machine learning, streaming, and SQL.
NoSQL databases are designed to store and process large amounts of data. Some popular NoSQL databases include MongoDB, Cassandra, and HBase.
Firstly, you need to know why you're collecting the data. What will you use it for? Then, once you've figured that out, you need to identify which tools and technologies will be the best fit for you. And finally, make sure you have the necessary skills to use those tools and technologies.
But if you don't have in-house professionals who can collect or analyze the data, you can outsource your data analytics. However, it's important to know a few things about outsourcing big data analytics before you do that.
What Should You Consider When Choosing a Partner for Big Data & Analytics?
If you have decided to outsource your big data and analytics, there are a few things you need to consider.
Experience/Skills: First, you need to find a partner who has the necessary skills and experience. They should also have a good understanding of your business and be able to provide value-added insights.
Reliability: Make sure the partner is reliable and can be trusted to handle your data securely. The intellectual property of a company is one of its most important assets. You need to make sure your partner can protect it.
Flexibility: The partner should be flexible and be able to adjust to your changing needs. They should also have the necessary scalability to handle an increasing volume of data.
Technology: The partner should also have the latest technology and tools to handle big data analytics. Nowadays, there are a plethora of big data analytics tools available. Therefore, the partner should be able to choose the right tool for the job.
Cost: Make sure you are getting value for your money. The partner should be able to provide insights that will help you save costs or improve efficiency.
What Efforts Are Required From Your Side When Outsourcing Big Data & Analytics?
Outsourcing big data analytics can surely take a lot of weight off your shoulders. But that does not mean you don't have to play any role in the process. For example, when outsourcing, you need to:
Define the Scope of Work: The first step is to clearly define the scope of work. What data do you want to collect and analyze? What are the specific tasks you want the partner to perform?
Communicate Your Needs: Tell the partner what you expect to achieve with the data analytics. What are your specific goals and objectives? The partner should be able to align their work with your goals.
Monitor the Progress: Once you have outsourced the big data analytics, you need to monitor the progress regularly. Make sure the partner meets your expectations and delivers the results you want.
The trend of outsourcing big data analytics is on the rise. As a result, many companies are now outsourcing to get the job done. But before you do that, make sure you consider all the factors mentioned above.
How Much Does Big Data & Analysis Cost?
The cost of big data and analytics depends on several factors, such as the size of the data, the complexity of the analysis, the tools and technologies used, etc. But, generally speaking, it can cost anywhere from a few hundred dollars to a few thousand dollars.
Research shows that 97.2% of organizations invest in artificial intelligence and big data. Thus, even if you think the cost of investing in big data analytics is high, it's time to take the plunge because this expenditure will generate a high return on investment for your company in the future.
The cost of big data analytics also depends on the six Vs mentioned earlier. For instance, the more volume of data you have, the more complex the analysis will be and the higher the cost will be.
If you are new to big data and analytics, it's best to start small. First, start with a pilot project to get a feel for how it works. Once you have a better understanding, you can scale up the project.
Why Hiring Top Big Data & Analytics Partners with Xpeer?
Are you looking for a leading big data and analytics company? Big data has become a big deal in the business world. The term describes large or complex datasets that traditional data processing applications are inadequate. Big data challenges include capturing data, data storage, analysis, search, sharing, transfer, visualization, and information privacy. The key to unlocking big data's potential is analytics – using tools and techniques to make sense of what the data is telling you.
Due to the high demand and use of big data, hundreds of businesses out there perform data analysis on behalf of large enterprises. However, the overwhelming number of data analytics partners might make it difficult for you to choose the best company to outsource your big data analytics to. Xpeer helps you find the best partners for your big data management and analytics. With Xpeer's proprietary research methodology, you'll be able to find the best partner in no time.
Choose one or multiple businesses and ask for proposals directly from here.
Xpeer's AI-based platform can help you find the best big data and analytics partners for your business. With Xpeer, you can get matched with top service providers in minutes without spending hours searching online.