It is a common belief today that banks and big banking corporations basically control the world. They deliver the funds to the right place, handle big transactions, choose who they want to support, and most of, all decide what the future holds for the world. But, a person could find themselves wondering about other aspects of the banking industry, such as the data they gather, … [Read more...] about How Big Data Personalization Influences the Banking Industry
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.
10 Tools for the Novice Data Scientist
Data scientists harness their knowledge of statistics in converting collected data into potential ideas for product development, customer retention, and generation of business opportunities. It could even help dissertation writing service with their work. Recently, it was dubbed as the sexiest job in the 21st century as demands for data scientists are increasing. In order to be … [Read more...] about 10 Tools for the Novice Data Scientist
What Most People Get Wrong About Data Lakes
The technology industry has continued to find new ways to interpret big data, to develop artificial intelligence, create backup solutions, and expand the cloud into a platform for businesses. One issue that many businesses face is trying to find ways to make data analysis easier in order to deliver faster and more insightful results. A data lake has helped businesses accomplish … [Read more...] about What Most People Get Wrong About Data Lakes
Don’t Let Your Big Data Project Be a Failure
Data collection and analysis is an up and coming industry that has grown extensively over the past few years. With the rise of the digital age and our increasing connection to the internet, we have created an immaculate amount of data. Reports show that in 2013, 90 percent of the world's data had been collected in the previous two years. It's anticipated that in 2020, the … [Read more...] about Don’t Let Your Big Data Project Be a Failure
Big Data and Risk Management in Financial Markets (Part II)
I. Introduction to forecasting If you missed the first part, I suggest you read it before going through this article. It gives a good introduction as well as an overview of traditional risk management and big data simulation. This article is instead more focused on big data forecasting. There are nowadays several new techniques or methods borrowed from other disciplines which … [Read more...] about Big Data and Risk Management in Financial Markets (Part II)
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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.
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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.
Want to learn more about big data? Datafloq has courses available. Contact us to get started.
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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.
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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.
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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.
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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.
