What You Need to Know About Big Data
With the rapidly developing information sector and the new generation digital world taking place in every aspect of our lives, the importance of data on human life and business world has become more evident. On the other hand, "Big Data" has started to appear as one of the concepts we hear most frequently in the digital world.
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The data pool that emerges with technology products is growing and the software that makes sense of the data is structured in different ways in order to use this data effectively. Companies that foresee this process make their investments in Big Data and informatics R&D.
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What Does Big Data Mean?
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Big Data can be defined as the name given to all shares made on the internet and databases. These shares contain data from different sources such as photo archives, log files (internet activities), customer/employee information, and financial documents. Social media accounts, search engines or any interaction that the user has on the internet can be considered as Big Data sources.
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Big Data is bigger than we can imagine. Moreover, this size continues to increase with acceleration. It is predicted that in 2022, 44 times more data will be produced than in 2012. Today, all the data that has accumulated so far is only 0.5% was analyzed and used . This shows how big the potential Big Data has for the coming years.
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Big Data Provides Ease of Management
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Big Data; It can help in many business processes, from achieving ease of management in business operations, reducing required manpower, increasing budgetary profitability and increasing transaction speed to very high levels. It is possible to increase service, service or product efficiency with Big Data. According to an article published in Forbes , retail companies that benefit from the full power of Big Data can increase their profit margins by up to 60%.
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Knowing exactly what the customer wants provides great convenience to companies. Personalized digital advertisements are one of the most important examples of Big Data usage. However, not only companies but also public institutions are making huge gains from Big Data. For example, crime and counter-terrorism units can benefit from the power of Big Data. As another use, appropriate solutions can be produced with the analyzes made in the field of education. In our country, many public institutions from the defense industry to health institutions benefit from the power of Big Data with the support of domestic and foreign software companies.
When Big Data is processed correctly, analytics that can actually meet many needs emerge. For example, our genetic map, called the Genome, was drawn in 2003, but it takes about 3 billion pairs to sequence rings. It took about 10 years . Today, this number of DNAs can be sequenced in just one day, thanks to the power of Big Data.
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Another example can be given from the health sector; A government institution that makes strategic decisions in the field of health can instantly access the distribution of regions, diseases, drugs and doctors. The Air Force can access the instant locations and status of all their vehicles and track their retrospective maintenance histories. If it is a bank, not only the demographic information of the person to whom it will lend; It can even analyze food, holiday or cultural activities.
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Big Data; It can be used effectively in all sectors that collect data such as finance, health, education, defense, energy, manufacturing, media, internet, real estate, food, medicine. Existing data is ready to make every area of life easier with the right interpretation.
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Big Data Components
While different authorities consider filtered data as Big Data, some approaches say that data must have five basic criteria for it to be Big Data. These components are called 5V, diversity, speed, data size, validation and value. So what do these concepts mean?
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Variety: Data has the ability to be obtained from many sources. Data without a general structure needs to be integrated, transformable and verifiable. Diversity is a criterion that gains importance in measuring whether a data is worth analyzing.
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Velocity: Data is generated quickly and continuously; The size of Big Data is increasing day by day. In order to be able to remove this data both in software and hardware, the number and variety of processes that need data should increase at the same rate.
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Data Size (Volume): In the near future, we will have tens of times more data than currently available. We need to figure out how to deal with processes such as archiving, processing, integrating, and storing large amounts of data.
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Verification: Another feature sought is that the data contained in Big Data is "reliable". The data coming into the information flow must be accurate and precise. For this, security settings must be constantly checked. In this process, care must be taken to ensure that the data is visible to the right people or remains completely confidential.
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Value: After the data provides the other components, it is very important that the result obtained in the production and processing process provides value to the company. This actually makes the "value" component the most important of the 5V criteria.
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The Big Data world continues to develop very quickly and efficiently. It is in our hands to turn this momentum in our favor. As BiSoft, we produce software that will increase the managerial efficiency of our business partners in both the public and private sectors. We continue to support our work on making sense of the accumulated data with the projects we produce.
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To review our award-winning Genel Energy business analytics project realized with Big Data analysis “Awarded Project from BiSoft and Genel Energy Partnership” You can read our article.