How Big Data Analytics Is Shaping The Current Market Essay

727 Words Oct 5th, 2014 3 Pages
If you google Big Data you will notice big corporations like IBM, SAS, Oracle providing enterprise solutions with punch lines “Transform Your Business” and “Big Data Can Generate Big Brainstorms” promising business growth. The reality behind investing in Big Data analytics is still hidden. Today we have the tools to analyze massive amount of data but we still lack the expertise to derive correlations from it.
In the public realm finding relation between health and air pollution can be an example of Big Data analytics whereas in the market, companies like google, amazon and Netflix use “Recommendation” software engines to suggest products based on the interests of customers. An article by Jonathan Shaw mentions a credit card companies finding unusual associations in the course of mining data to evaluate the risk of default: people who buy anti-scruff pads for their furniture, for example, are highly likely to make their payments.
To understand how Big Data analytics is shaping the current market, we must first understand Big Data. In his article “What is Big Data” Edd Dumbill characterizes different aspects of Big Data as three V’s. Volume, Velocity and Variety. The volume itself is a challenge to IT infrastructure as many corporations have tantamount data in form of logs but do not have the necessary tools to process it. Velocity corresponds to the rate at which new data is gathering. Many times the data gathered is not in a uniform-relational structure and rarely does…

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