We are presently in the technological age where innovations are the norm. One area that has come along with several developments is the big data field/ the diversity and vastness of this field rightfully earns the ‘sexy’ adjective and it leads you into a whole new dimension when it comes to processing and analyzing sets of data.
Big data refers to large and complex sets of data that need advanced technology to process it. This set of data has characteristics that focus on the volume which by the definitive term ‘big’ demonstrates its volume. Other features touch on velocity referring to the speed in generation with big data being available in real time and also being generated more frequently as compared to small data.
Other characters of this data type look at scalability in terms of its expansion value and variability. Variety focuses on the type of data drawing form text, images, audios and many more.
Applications Of Big Data
Big data is applicable in several areas more so in this technologically-backed environment. The following are some of the areas where big data has a significant presence.
– In The Financial Sector
Big data is a huge force to reckon with when you come to the financial sector. It is actually responsible for the conceptualization and development of various fintech systems which are the new trends in industries such as banking, insurance, and financial trading and investment.
Here, it comes in handy when analyzing the established systems and detecting anomalies that may come up such as fraud. This is one of the biggest issues facing this industry and this set of complicated data can help detect money laundering schemes, Ponzi schemes or even illegal access to clients’ accounts.
When it comes to insurance and financial trading, the analysis aspect comes into play in detecting risks ad also potential markets for investments.
– Education Sector
Focusing on education, this set of complex data is important in the dissemination of knowledge, especially where e-learning platforms are used. In this case, institutions can keep track of student performance as well as attendance. Additionally, it plays a role when looking at the effectiveness of tutors in performing their roles in class.
– The Media And Communication Industry
In the media and communication sector, big data’s role is essential especially when you focus on advertising and marketing. In such a situation, it helps in creating content specifically for a particular target audience to effectively pass the message.
It is also effective in checking out responses by measuring the performance of the content passed.
– The Manufacturing Industry
In the manufacturing sector, big data is important when designing equipment to ensure the minimization of costs during the various processes in the industries. It also focuses on improving the quality of output and makes it a profitable venture.
– Government
Big data plays a significant role in the government when it comes to planning more so in the financial aspect. It also tracks the output of the various ministries and government branches seeking to improve its services. Additionally, it plays a role in intelligence to uphold the security of the involved country.
Big data will remain a set of complex and baseless data without the manning efforts of the data scientist. This is a professional who can gather a large set of data with the ability to analyze and interpret it. They come in handy in various instances and many companies dealing with big data need to have such a professional on board to decipher the data.
The data scientist may take on many roles such as a data analyst with his or her main role focusing on the analysis aspect. There is also the machine learning engineer role where the scientist uses their skills in designing and modifying algorithms to tackle this kind of complex data.
Big data has a significant role in the business setting, especially when you look at the analysis part. There are many data analytics companies that have come up and use big data to provide important findings that guide on the next path of action.
A notable company is Cambridge’s Analytica which has impressive feats under its resume. Among them was the 2016 United States presidential elections that saw Donald Trump emerge as the winner. This is due to the analysis of public opinion on the two main candidates with the results guiding the campaign team to come up with a strategy that saw them take the price at the end of the day.
