What is Big Data Analytics and Why is it Important to Business?

1. What is Big Data Analytics and Why is it Important to Business? © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

2. What is Big data Analytics: Big data is the term invented to refer to the massive influx of data that was predicted at the beginning of the internet era and which became a reality with the proliferation of internet and smartphones. The data generated every year more than doubles than the previous year. This massive data is called big data. Every day, every moment, colossal data is generated all around the globe. Generation of data is an indispensable part of all business. The past decade saw software frameworks being built to manage big data. Since the data is huge, traditional software analytical tools couldn’t be used to analyse the data. Once the big data could be managed, the potential contained within the massive data became apparent. If one could extract information from the data, it could be used to make business decisions, among many other things. This process of extracting information from big data, which are most often unstructured and rudimentary, by processing and analyzing using various software tools, is called big data analytics. Big data analytics allows evaluation of large datasets that traditional data processing systems can’t manage. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

3. How is Big Data Analytics performed? Since, big data is an umbrella term for describing the massive data influx, the quality of data used for different ends for industries varies greatly. The data is defined by the qualities attributed to it: initially, volume, velocity, and variety were the concepts associated with big data; later, veracity and value were added to it. The process of big data analytics uses techniques like machine learning, data mining, natural language processing, and statistics, etc., as a means to identify patterns and establish information. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

4. Big data analytics requires advanced software programs. For the purpose of analyzing big unstructured data, sophisticated larger data analytics environments and technologies have been developed; this includes databases like Apache Hadoop, NoSQL, etc. These enable the processing of big data over clustered systems. Big data analytics is broadly comprised of three steps- Data extraction, Data processing, and Data analysis. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

5. The data is extracted and prepped, which is then processed and analyzed to gain all possible insights contained within. Importance of big data analytics to business and other purposes : © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

6. The information obtained from big data analytics solutions is useful for making informed decisions and help businesses maintain their edge over their rivals in an increasingly VUCA climate of the market. All large corporations use big data analytics. As data generation is now a part of all businesses, Almost all businesses are employing big data analytics services or engaging themselves, Big data analytics helps identify the needs of customers effectively. Big data analytics is accompanied by predictive analytics, which aid companies equip for various conditions. The analytics can provide an exact picture of the market conditions while also predicting its future trajectory; this enables businesses to take appropriate measures to be successful. The banking sector has benefited the most from big data analytics. From information on customer spending patterns to risks of loans, all its decisions are now informed via the analytics process. All businesses can benefit from this procedure as it provides direction from analyzing existing data. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com

7. Big data analytics is closely interlinked and often interchangeably used with data science. The application of this process has enabled some substantial technological advancements: The first-ever image of a black hole that was released in the early weeks of April 2019 was made possible by the development of advanced data analytics technology which was not possible before. Scientists are engaged in mapping the immune system, which will help humanity in its fight against diseases like AIDS, cancer to epidemic outbreaks. There are numerous other large scale projects which have now become possible due to the technological advancements that accompanied big data analytics. © 2019 All Rights Reserved, No part of this document should be modified/used without prior consent Guires Solutions Pvt Ltd INDIA : Nungambakkam, Chennai, 600 034. USA Mockingbird 1314 W, Mockingbird Lane, Suite 600W, Dallas, Texas, 75247 Sales : info@guires.com Support : support@guires.com www.guires.com