Big Data

The Evolution of Big Data

The big data ecosystem continues to evolve at an impressive pace. Today, a diverse set of analytic styles support multiple functions within the organization.

Descriptive analytics help users answer the question: “What happened and why?” Examples include traditional query and reporting environments with scorecards and dashboards.

Predictive analytics help users estimate the probability of a given event in the feature. Examples include early alert systems, fraud detection, preventive maintenance applications, and forecasting.

Prescriptive analytics provide specific (prescriptive) recommendations to the user. They address the question – What should I do if “x” happens?

Challenges of Big Data

The continuous growth of data volumes

Regardless of how much more affordable data storage has become in recent years, the continuous growth of data volumes is a persistent problem. Organizations need to be able to process and store every bit of data that is created on a personal and organizational level every day.

The need for near real-time data processing

Big data is almost always a stream. Even if the aim is to analyze data by batches, the business needs to collect it in a stream format. This means that efficient streaming infrastructure should be in place in order for businesses to be able to process data in near real-time.

Data security

Nobody except specifically defined users should have access to sensitive data, and setting up the most effective security protocols can be somewhat challenging. Businesses need to find a way to protect transaction logs and data, secure framework calculations and processes, and secure and protect data in real-time, to name but just a few challenges.

Data integration

Data comes from different sources and in different formats. The challenge for businesses is to integrate the data so that it can be used and analyzed in an acceptable format. Businesses also need to find a solution to merge data that is not similar in source or structure and to do so at a reasonable cost and within a reasonable time.

Data validation

Before businesses can analyze their data, they need to clean up the existing data and prepare it for further use. Data may be siloed or outdated and validating the data format can be a time-consuming process, even more so if the database that a business uses is large.

The complexity of data analysis

When using big data, data volumes are massive and high dimensional, which can cause computational challenges. Scalability and storage bottlenecks, noise accumulation, spurious correlation, and measurement errors are all possible challenges that might hinder the process of quickly and effectively analyzing the data.

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