What is Big Data Analytics?
Big Data analytics is defined as the process of mining large structured or unstructured data sets that help to find out underlying patterns, unfamiliar relationships, and other useful information within the data leading to business benefits.
Name some Big Data products?
R, Rattle, Hadoop, RHadoop and Mahout
Where does Big Data come from?
There are three sources of Big Data - social data, machine data and transaction data.
Social data comes from social media channels' insights on consumer behavior
Machine data consists of real-time data generated from sensors and web logs that track user behavior online
Transaction data is generated by large retailers and B2B companies on a frequent basis
What is the future of Big Data trend?
Research predicts huge spurt in the growth of Big Data trend. In May 2011, McKinsey & Co. estimated that by 2018, the US alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.
What is IBM's simple explanation for Big Data's four critical features?
Following explanation is from IBM for the four critical features in big data,
1. Volume - Scale of data
2. Velocity - Analysis of streaming data
3. Variety - Different forms of data
4. Veracity - Uncertainty of data
How businesses could be benefitted with Big Data?
Big data analysis helps the businesses to render real-time data that can influence to make crucial decisions on strategies and development of the company. It also helps them in large scale to differentiate themselves in the competitive environment.
Explain with an example how Big Data boosts the revenue growth of the company.
There are many examples to explain how Big Data promotes the revenue growth of a company. For instance, Walmart, one of the largest retailers in the world in terms of revenue had started using big data analytics to rapidly boost its sales with the help of better predictive analytics, customized recommendations and various launching new products focused on the customer preferences and requirements. After using Big Data, Walmart recorded a significant 10% to 15% incline on online sales which is estimated around $1 billion as an incremental revenue. There are many more corporate and businesses such as Facebook, LinkedIn, Twitter, Bank of America, Pandora, JPMorgan Chase, etc. are using big data analytics to increase their revenue growth and success.