What is Big Data? The definition

big-data

In 2006, market researcher Clive Humby declared data as “the new oil”. These days, as the data transcends into the ever-expanding as the Big Data, the industry itself is focusing on these data flow.

Then what is the big data?

Big Data represents a revolutionary step forward from traditional data analysis, characterized by its three main elements: variety, volume, and velocity.

1. The variety of data comes in two flavors; structured and unstructured.

Structured data enters a data warehouse already tagged and is easily sorted. The vast majority of today’s data, however, is unstructured, and fed by sources such as Facebook, Twitter, and video content. It’s random, difficult to analyze, and enormous.

2. The sheer volume of Big Data overwhelms the normal data warehouse.

For example, Facebook reports that its users register 2.7 billion likes and comments per day. For many, this magnitude of data is intimidating: they can’t keep up with it, much less sort it, analyze it, and extract value from it.

3. All of that data can be challenging to manage when flooding in at a velocity that, for many players, far outpaces their processing ability.

For example, the face of a known criminal among thousands of images might trigger a “stop”; a pattern of credit fraud might set off warnings; and indications of growing customer churn might inspire a coupon offer. Anytime there is an important anomaly in the data, it needs to be pointed out before the data is stored so that real-time action can be taken.

There are a lot of Big Data all over the world. As you take a picture from iPhone and upload it to Facebook, you are one of the resource for Big Data. It is unstructured. With these data, the business can make a great revolution. It will show a great chance how we interact with business. Moment to moment, consumers’ interactions with the world around them create an often-ignored by-product: massive amounts of personal data.

Big Data Value Chain

big-data-vendorsThese include searches on weather, price comparisons, purchases, and thousands of other daily choices and actions.

By the case study of McKinsey&Co., FedEx achieved real-time visibility with shipping and consumer data across more than 46,000 distribution and supply chain locations.

Wikibon.org estimated that ‘Big Data Industry’ stands at just over $ 5 billion in the field of SW, HW and Service as of early 2012. It will result in CAGR of 58% between 2017 and 2012.

The big data analysis technology itself will be adapted to the fields of e-health, traffic information, finance, retail and social media. Then how does the process comes out?

I will continue on the next post. Before that, let me just introduce the flow chart of big data value and supply chain.

Check out more stories on big data!

0. Big Data Definition

1. What is the big data value chain?

2. How does the big IT players approach Big Data Analysis?

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