We are all painfully aware that there is plenty of uncertainty in the data we analyze and in the results that we generate through data science processes. Most of the time, we focus on removing as much uncertainty as possible in the attempt to provide the single best answer to the question we've been asked. However, when uncertainty is unusually high, we can serve ourselves and … [Read more...] about Embracing Uncertainty: A Lesson From COVID Analytics
Big Data
Learn everything you need to know about big data. Find out how companies are using this revolutionary technology and what it means for your business strategy.
Top 7 Statistical Concepts a Data Science Professional Must Know
In data science, statistics help predict events, trends, or any happenings. They ought to provide a deeper insight to organizations or individuals according to what the data predicts. Simply said, statistics acts like it is the soul of data science. With the help of statistical methods, a data scientist easily uses the right technique to gather data, make correct analysis, and … [Read more...] about Top 7 Statistical Concepts a Data Science Professional Must Know
How Cryptocurrency Is Benefiting from Big Data Analytics
The world of finances and banking has changed tremendously in the past several years. From developing new cryptocurrencies, all the way to digital banks and advanced security, modern companies have many solutions to choose from. These fintech ideas, however, go hand in hand with other, related tech advancements, including AI, machine learning, and big data. The goal for most … [Read more...] about How Cryptocurrency Is Benefiting from Big Data Analytics
How Big Data Will Change the Way We Do Business
In today's information age where almost any bit of information is accessible, data-driven management has revolutionized decision making among corporate leaders. Managers and executives can now depend on reliable information systems capable of presenting data specifically organized to their decision needs. Over the years, statistical and basic mathematical models have been … [Read more...] about How Big Data Will Change the Way We Do Business
Fighting Covid-19 With Processed Knowledge
How Big Data and AI have come to the aid of the healthcare industry in a pandemic. Craig James Mundie, Senior Advisor to the CEO at Microsoft, believes data is so critical, it has become the new raw material of business. This is no exaggeration. The world is filled with devices that collect and transmit data. This is data in raw form, bits and bytes. A recent study estimated … [Read more...] about Fighting Covid-19 With Processed Knowledge
What is big data?
Big data is a term that refers to the massive amount of digital data created and shared every day. Big data can transform how we live, work, and communicate. It can be used to improve everything from public health and urban planning to business and marketing.
Big data is also changing the way we think about privacy and security. The volume, velocity, and variety of big data present challenges and opportunities for organizations and individuals. Regardless, big data is here to stay, and its impact will only continue to grow in the years to come.
What is big data analytics?
Big data analytics is the process of turning large, complex data sets into actionable insights. Businesses use various analytical tools and techniques, including machine learning and statistical analysis, to do this.
Big data analytics can be used to improve decision-making in areas like marketing, operations, and customer service. It can also be used to identify new business opportunities and optimize existing processes. With the help of big data analysis, businesses can gain a competitive edge by using their data better.
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When was big data introduced?
The term big data was coined in the 1990s, with some giving credit to John Mashey for popularizing the term. However, the concept of big data has been around for much longer.
Where does big data come from?
In the early days of computing, scientists and businesses began to realize that the amount of data being generated was increasing exponentially. As a result, they began to develop new methods for storing and processing data.
Over time, these methods have become increasingly sophisticated and have played a key role in enabling businesses to make sense of vast amounts of information. Today, big data is used in various industries, from retail to healthcare, and its importance is only likely to grow in the years to come.
What are examples of big data?
One of the most common examples of big data is social media data. With over 2 billion active users, Facebook generates a huge amount of data every day. This includes information on user interactions, posts, and even location data. Analyzing this data can help companies better understand their customers and target their marketing efforts.
Another example of big data is GPS signals. These signals are constantly being generated by devices like cell phones and fitness trackers. When combined with other data sets, GPS signals can be used to provide insights into everything from traffic patterns to human behavior. Finally, weather patterns are another type of big data set. By tracking these patterns over time, scientists can better understand the impact of climate change and develop strategies for mitigating its effects.
How do companies use big data?
Companies use big data in marketing, product development, and customer service. By analyzing large data sets, businesses can identify patterns and trends that would be otherwise difficult to spot. For example, a company might use big data to track customer behavior patterns to improve its marketing efforts.
Alternatively, a company might use big data to improve its products by identifying areas where customers are most likely to experience problems. For instance, big data can be used to improve customer service by finding pain points in the customer journey. Ultimately, big data provides companies with a valuable tool for gaining insights into their business operations.