What is Big Data?

Now a days, as the size of organisation is extending the concept of BIG DATA has became a 'Trending_Topic'. This is essential for big organizations and enterprises that deals with Terabytes, Petabytes and Exabytes of data.

Big Data can be defined as

"extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions."

'Big Data'-A Boon for Organisation

Here are some real-world examples of Big Data in action:

• Consumer product companies and retail organizations are monitoring social media like Facebook and Twitter to get an unprecedented view into customer behavior, preferences, and product perception.

• Manufacturers are monitoring minute vibration data from their equipment, which changes slightly as it wears down, to predict the optimal time to replace or maintain. Replacing it too soon wastes money; replacing it too late triggers an expensive work stoppage

• Manufacturers are also monitoring social networks, but with a different goal than marketers: They are using it to detect aftermarket support issues before a warranty failure becomes publicly detrimental.

• The government is making data public at both the national, state, and city level for users to develop new applications that can generate public good. 

• Financial Services organizations are using data mined from customer interactions to slice and dice their users into finely tuned segments. This enables these financial institutions to create increasingly relevant and sophisticated offers.

• Advertising and marketing agencies are tracking social media to understand responsiveness to campaigns, promotions, and other advertising mediums.

• Insurance companies are using Big Data analysis to see which home insurance applications can be immediately processed, and which ones need a validating in-person visit from an agent.

• By embracing social media, retail organizations are engaging brand advocates, changing the perception of brand antagonists, and even enabling enthusiastic customers to sell their products.

• Hospitals are analyzing medical data and patient records to predict those patients that are likely to seek readmission within a few months of discharge. The hospital can then intervene in hopes of preventing another costly hospital stay.

• Web-based businesses are developing information products that combine data gathered from customers to offer more appealing recommendations and more successful coupon programs.

• Sports teams are using data for tracking ticket sales and even for tracking team strategies.