For most part of history, data has only been getting bigger and bigger! And for most organizations, big data is the reality of doing business. It is the foundation of organizations, and their very existence is dependent on data- of past, present and future.
Simply put, big data is similar to 'small' data, but only 'bigger'. Hence it's management requires different tools and approaches as compared to traditional data management systems. In addition, with growing data volumes, it is essential that real-time information can be extracted from its IT systems, otherwise the business risks being swamped by a data deluge.
Big Data- How And Where?
Three processes are key to enabling big data - the increase in storage capacities around the world (thanks to the ever-intelligent technology!), the increase in the processing power, and the easy availability of data on a large scale. The best examples of big data storage and processing are WalMart and The large Hadron Collider.
In terms of it’s sources, big data typically comes from social (Facebook likes and Twitter tweets), transactional (invoices and storage records) and mechanical (industrial equipment) sources.
The Three V's
Forbes mentions three key aspects of big data - it has volume (large size), velocity (speed) and variety (applicable to all kinds of fields that require data accumulation). These combine to form the three key elements of big data.
As of 2012, about 2.5 Exabytes of data are being created each day, and that number is doubling every 40 months or so. Also for many, the speed of data creation is more important than volume. Real-time information helps a company be much more agile than its competitors.
Keeping the above in mind, it is ideal to go in for a reliable web host, when hosting your business site, one that makes data management a breeze. You can find the top web hosts at Hosting Reviewed .
Economics Behind Big Data
The economics of big data revolves around commodity hardware compatibility, reduction of storage costs in the face of huge data, an open source system (such as Hadoop) and a web economy. An interesting survey by TCS on Big Data has revealed that trying to understand what a large company is doing with big data depends upon whom you ask in that firm.
Big Data Analytics
Big data analytics involves the process of looking at large amounts of data (that can be of a large variety) in order to uncover hidden patterns, correlations and other useful information. If predictions are to be believed, analytics will move to the point of decision in 2014, as it will help businesses make data-informed decisions.
2014 is predictably going to get bigger for big data! People will gradually begin to understand the term ‘big data’. Presently, many still don’t comprehend the concept. The fact that we’ve all just started to talk about big data and what it means to companies is a step forward - in the coming years, there will be lot that will be researched and applied in this field. It’s going to change the way you do things in the future.
With a technical prowess, David White has enabled exhaustive understanding of the hosting industry over an expansive period of 15 years. Currently he works with Hosting Reviewed, providing critical analysis of various hosting companies listed.