- Big data was one of the popular word in the year of 2013.This year the term is expected to reach more advancements and scale up its usage boundaries.
- We can start off with the definition of Big data:
“The storage and analysis of large and / or complex data sets using a series of techniques including, but not limited to: NoSQL, MapReduce and machine learning”as per the researchers at St Andrews,
- An example: Using Big Data companies can detect a buzz about a branch or a region of the company through unstructured data generated from the social media websites. So, a company can send special offers and discounts on that region using the social media and other news media. Also, user behaviour of a customer can be collected from cookies which sits in user’s web browser since the user visited the website. These Data is analyzed to predict the products which will trigger them to buy.
So customers will receive a voucher/email with an offer for their interested products which triggers them to buy immediately if the offer has a valid time. Here businesses and customers will be happy in a win-win situation. If some customers are not satisfied with our products in case of a quality issue, then they might Yell at the social media.Companies can identify these in real time using real time big data analytics and can solve it faster.
- This January the social bookmarking website Pinterest acquired image recognition company VisualGraph to create algorithms and solutions to help users get what they want in their website.
- Big data give more information than traditional market research methods that will enable them to take less risky decisions.
- Companies can have big kick start in the global market if they start to utilize big data analytics soon.
- We can expect Big Data-as a service sooner. Because not all the companies are capable of or want to hire a full time data scientist. So,we can expect BDaaS from short term to long term contracts in the market.
Find the recent Big data acquisitions here.