What is Big Data Analytics?

Summary

In the age of big data, 90% of the world's data has been created in recent years. Big data analytics involves analyzing vast amounts of information to uncover patterns in behavior. This data is defined by its speed, volume, variety, and veracity. There are four key types of analytics: descriptive, diagnostic, predictive, and prescriptive. Each type helps businesses and governments gain insights, improve services, predict future trends, and even automate decision-making. The power of big data analytics helps organizations better understand users, find opportunities, and mitigate fraud, marking the beginning of a data-driven revolution.

Takeaways

• 😀 90% of the world's data has been created in the past two years, marking the rise of the big data era.
• 📊 Big data analytics involves analyzing vast amounts of data to extract behavioral patterns.
• ⚡ Big data is characterized by high speed, large volume, immense variety, and high veracity.
• 📱 More than 2.5 trillion bytes of information are generated daily through devices like smartphones, tablets, and sensors.
• 🔍 Big data analytics combines high-tech systems and mathematics to extract meaningful insights from data.
• 📈 There are four main types of big data analytics: descriptive, diagnostic, predictive, and prescriptive.
• 📉 Descriptive analytics explains past events but does not predict future outcomes.
• 🤔 Diagnostic analytics seeks to understand the reasons behind past events.
• 🔮 Predictive analytics helps companies forecast future events, offering valuable insights for decision-making.
• 💡 Prescriptive analytics builds on predictive analytics by recommending actions based on data analysis, such as optimizing website banners or avoiding traffic.
• 🌐 Big data analytics helps businesses and governments better understand users, uncover hidden opportunities, improve services, and reduce fraud.

Q & A

What percentage of data in the world has been created in the last two years?

90% of the data available in the world today has been created in the last two years.

What does the term 'Big Data' refer to?

'Big Data' refers to the massive volume of data generated at high speeds, in various formats, from numerous sources, such as smartphones, sensors, and GPS devices.

What are the key characteristics of Big Data?

The key characteristics of Big Data are its high volume, the speed at which it is generated, its immense variety, and the degree of veracity (accuracy) it holds.

How much data is generated every day?

Over 2.5 trillion bytes of data are generated every day.

What is Big Data Analytics?

Big Data Analytics is the process of analyzing large amounts of stored data to identify patterns, behaviors, and valuable insights that can inform business and governmental decisions.

What are the four types of Big Data Analytics?

The four types of Big Data Analytics are: Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics.

What is the purpose of Descriptive Analytics?

Descriptive Analytics explains what happened in the past based on historical data, typically presented through graphs or reports.

How is Diagnostic Analytics different from Descriptive Analytics?

Diagnostic Analytics goes deeper than Descriptive Analytics by analyzing the reasons why a particular event happened in the past.

Why is Predictive Analytics important for businesses?

Predictive Analytics is important for businesses because it uses data to forecast potential future events or trends, helping businesses make informed decisions and strategies.

What does Prescriptive Analytics do that the other types do not?

Prescriptive Analytics not only predicts future outcomes like Predictive Analytics, but it also recommends actions or decisions based on the predicted data, such as optimizing placement of advertisements or planning the best route to avoid traffic.

How does Big Data Analytics benefit companies and public administrations?

Big Data Analytics helps companies and public administrations by improving their understanding of customers or citizens, uncovering hidden opportunities, providing better services, and even reducing fraud.