Research at least two articles on the topic of big data and its business impacts. Write a brief synthesis and summary of the two articles. How are the topics of the two articles related? What information was relevant and why?
Provide the references in your responses.
Your post should be 300 words long
Reply (your opinion) needed for the 2 topics below with 200 words each
1. Big Data by itself means data in huge volume. The world of Big Data is enormous and widely spread the whole concept came into picture to suffice our increasing ability to store and analyze data. The aim was to provide better usage of resources and storage. Here we are talking about managing enormous amount of data which cannot be processed by the traditional database.
Every organization is slowly moving away from their traditional Data Warehouses and Data Marts to Data Lake and Cloud, reason being easy computing and analysis and better maintenance and most importantly data can be stored in structured and u structured format. This helps to break down any organizations efforts into 4 simple granules which would be acquire, organize, analyze and decisions based on analysis.
Positive impacts:
While there are a huge number of advantages I would like to focus on the main ones
Cost: Hadoop is one of the one of the framework that helps store a huge chunk of data on distributed clusters at a cost as low as $2000 per terabyte per year which is 800 times less that the traditional Database.
Time: Huge data sets are optimized and processed in secs and mins while the traditional Database could take hours.
Analysis: Important business decisions can be made easily through Data Analysis which is been made simple by Big data.
Apart from these there is lot other things that can be performed such as Data mining, cleansing, Staging so on and so forth.
Challenges:
While Big Data has a lot of pros it has it's own cons as well let's take a look at a few:
Security: Data capture and compute in Big Data have faced few top security and privacy issues.
Misuse: There is a huge scope for the data to be misused and appropriate capacity needs to be leveraged for future.
Management: When compared to Data warehouse Big data does have less efficient Data management.
2. Now a day all major IT company spend enough amount in big-data infrastructure.
This mean all IT company need big-data solution in one way or other. 90% of the data was collected in last decade or so and to process this large amount of data we need newer solution which can handle data in zettabytes and terabytes per minute.
In business, data science and big data are playing big role to generate revenue and it also key role player for business decision making. Using bigdata, company can analyze their products position and deliver more efficient products in future market.
In recent business trend, company cannot afford to relies on traditional report generator it needs more real-time, fast and accurate solution for next business decision and bigdata can give this power to do so.
Currently data scientists are equipped with super computing power and vast amount of data delivering systems but not enough tools to analyses those data and process it.
To use bigdata, it takes just more than infrastructure. It takes talented data scientist who can design and implement proper algorithm and generates proper output which can be used to create more revenue for company. As this output gives more clarity and transparent to business executives at all level they should take data driven decision which can be more accurate and beneficiary to company shareholders.
It is also important to handle data governance because all data which used in bigdata calculation is comes from many sources, so it is important to have clear data with defined scope of that data figures.
Many company claims that they are using bigdata solution not only in engineering development but also in supply chain, sales and marketing as well.
Using bigdata company have more clear idea about their customers' demands and what they want and what is recent trend in market for their customers. This wat company can deliver more customer friendly products in market.