What You Need to Know About Big Data

With the rapidly developing information industry and the new generation digital world taking on every aspect of our lives, the significance of human life and business has become more and more evident. “Big Data” has started to confront us as one of the concepts we hear the most in the digital world.

The data pool that grows with the technology products is getting bigger and the software that makes sense of the data is structured differently in order to use this data efficiently. Companies that envisage this process are investing in Big Data and IT R&D.

What does Big Data mean?

Big Data can be defined as the name given to all shares made on the Internet and databases. Within these shares are the data stacks from different sources such as photo archives, log files (Internet transactions), customer / employee information, financial documents. Social media accounts, search engines, or any interaction the user makes on the internet can be considered as a Big Data source.

Big Data has so much more than we can imagine. Moreover, this dimension continues to increase with acceleration. It is predicted that in 2022, 44 times more data will be produced than in 2012. Today, only 0.5% of all the accumulated data up to now has been analyzed and used. This shows how Big Data has an immense potential for the coming years.

Big Data Provides Management Facilitation

Big Data can help in a variety of business processes, from managing business operations to reducing management costs, from reducing human resources required, to increasing budgetary profitability, and to achieving high levels of transaction speed. It is possible to increase service or product efficiency with Big Data. According to a paper published in Forbes, retailers that benefit from all the power of Big Data can increase their profit margins by up to 60%.

effectively used all sectors

Knowing exactly what customers want is a big deal for the firms. Personalized digital ads are one of the most important examples of Big Data usage. Not only companies, but also public organizations are getting bigger gains from Big Data. For example, criminal and anti-terror units can benefit from the power of Big Data. As another usage, appropriate solutions can be produced with the analyzes made in the field of education. In our country, many public institutions, defense and healthcare institutions benefit from the power of Big Data with the support of domestic and foreign software companies.

When Big Data is processed correctly, they become the actual analytics that can meet many needs. For example, our genetic map, called Genome, was drawn in 2003, but it took about 10 years to sort the rings of 3 billion pairs. Today, the DNA in these figures can only be sorted in one day thanks to the power of Big Data.

Another example can be given from the health sector; a government agency that makes strategic decisions in the health field can instantaneously reach the region, disease, medicine, and doctor distributions. The Air Force can track back-to-back maintenance histories by reaching the immediate locations and conditions of all their vehicles. A bank can not only analyze the demographic information of the person to whom it is giving credit; but also, his or her food, vacation or cultural activities.

Big Data can be used effectively in all sectors that collect data such as finance, health, education, defense, energy, manufacturing, media, Internet, real estate, food, medicine. The available data is waiting in the wings to facilitate every aspect of life with accurate meaning.

Big Data Components

While different authorities are evaluating the filtered data as Big Data, some approaches say that they must have five basic criteria in order for a data to be considered as Big Data. These components, called 5V, consist of variety, velocity, volume (data size), verification and value. What do these concepts mean?

Variety: Data has the ability to be derived from many sources. The data without a general structure needs to be integrated, transformable and verifiable. And variety is an important criterion in measuring whether a data is worth analyzing.

Velocity: Data is produced quickly and continuously; the size of Big Data is increasing day by day. To be able to deal with this data both as a software and as a hardware, the number of transactions and the number of transactions that need to be done need to increase at the same rate.

Volume (Data Size): In the near future, we will have dozens of times the current data available. We need to figure out how to deal with high-dimensional data archiving, processing, integration, storage.

Verification: The data existing in Big Data should also have a “reliable” feature. The data coming to the information flow must be accurate and precise. This requires that the security settings are continuously checked. In this process, it is necessary to pay attention to the fact that the right person can see the data or it is completely hidden.

Value: After providing the other components, it is very important that the data obtained from the production and processing processes provide value to the company. This actually brings the ‘value’ component to its most important position from the 5V criterion.

The world of Big Data continues to evolve quite quickly and efficiently. It is our choice to turn this momentum into our own interest. As BiSoft, we produce software that will enhance the managerial efficiency of our business partners in both the public and private sectors. We continue to support the projects that we produce on the basis of making meaning of the accumulated data.

You can read our “Awarded Project by BiSoft And General Energy Partnership” to review our award-winning General Energy business analytics project with Big Data analysis.

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