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BUS105 Business Statistics Assignment Help
Section 1: Introduce the idea of big data including what is meant by the term "big data", how it is currently being collected and stored
Big data is the term used in the sector of technology referring to the large data that can be analysed computationally. The management of massive volume of structured as well as unstructured data makes it easier for an organization to collect the relevant information and process it accordingly. There are majorly three V’s that forms the characteristics of the big data which are more volume, more variety and more velocity in data. The big data is currently used for the purpose of storing and managing a large amount of data and enable the organization through high performance computing. The organization can meet the challenges such as sharing, transfer, visualization, etc. with the help of big data (Datafloq, 2017). It can be used by the organizations to extract the relevant value from the data stored for the organization.
Aims of the report
The aim of this research report is to identify the term big data with benefits and challenges of big data.
The report has been prepared in order to focus on the explanation of big data and the manner in which the data can be collected and stored for the betterment of the organizational decision making. The report also presents the discussion of the benefits that can be generated with the help of big data along with the challenges that can be faced by the organization in making use of big data (Michael & Miller, 2013).
Section 2: What are the benefits, opportunities/uses and challenges of big data for business and customers?
Big data technology is helpful for the businesses in improving the capability to store, analyse and visualise data in effective and efficient ways. It is also known as the umbrella which is used for maintaining the quantity and diversity of structured as well as unstructured digital data. In this regard benefits of the use of big data technology for customers and businesses are as follows.
Better sales insights: Big data technology is helpful in increasing the revenues of businesses where real time analytics in big data helps in keeping a regular check on sales. With the help of this, they are able to manage their sales such as if any product is doing well then actions can be taken by the business for the development of such product (Schroeder, et. al., 2013).
Cost savings: Implementing big data technology is an expensive task where it is considered as a one time investment as it reduced the burden on the IT department of the business. It also reduces the cost for effective management of data in business.
Maintaining customer trends: Big data technology is helpful in providing competitive offerings to the business. It is also helpful in providing valuable information related to customers so that businesses are able to manage customer trends (Ammu & Irfanuddin, 2013).
Opportunities/uses of big data technology: With the increase in the use of the internet, big data technology has helped businesses in managing data so that businesses are able to track the development process of organization as well as effective decision making in the organization. Big data technology is used by business in understanding the policies and programmes which requiring adjustment are in regard to management of data (Michael & Miller, 2013).
Challenges of big data technology
Heterogeneity and incompleteness: This challenge is faced by big data technology related to size, structuring and accessing of big files into the computer system (Michael & Miller, 2013).
Scale: Managing the large and rapidly increasing volume of data is a challenge for big data technology that it has to manage the resources in such a way to provide faster access to the users to big data technology.
Timeliness: Larger data set requires larger time to analysis the data and in this regard, challenges are faced by big data technology to manage the volume and time for analysis of data (Ammu & Irfanuddin, 2013).
Ammu, N., & Irfanuddin, M. (2013). Big Data Challenges. International Journal of Advanced Trends in Computer Science and Engineering, 2(1), 613-615.
Datafloq, (2017). The Advantages and Disadvantages Of Real-Time Big Data Analytics. Available at https://datafloq.com/read/the-power-of-real-time-big-data/225. Accessed on May 29, 2015.
Michael, K., & Miller, K. W. (2013). Big data: New opportunities and new challenges [guest editors' introduction]. Computer, 46(6), 22-24.
Schroeder, R., Meyer, E., & Taylor, L. (2013). Big data and the uses and disadvantages of scientificity for Social Research. Lectures notes. Universidad de Oxford.