Technology

What is big data and how to analyze it

Published March 25, 2019·Written by Wonderflow

what is big data - wonderflow

Big data is a trendy topic, but do you know what it really means, and why it became so important? It is in all the posts on social media, all the reviews in an e-commerce page, or even a large amount of NPS data.

In today’s video, you’ll understand the meaning of this concept, and how companies are analyzing this data in order to get insights to take meaningful decisions.

If you like the content, subscribe to the channel to be always updated about last trends in Consumer Feedback Analysis, Data Science and Customer Experience.

 

Today’s video is about Big Data. We have heard this term so often, but do we really know what it means and how to make sense of it? Let’s figure it out!

First of all, why do we call it “Big”? It is easy to answer this question if you continue saying “Big compared to what”? The term “Big data” usually refers to data sets that are too big compared to what humans or common software could analyze.

It is, for example, the sum of the data captured by a lot of weather sensors. Or the sum of all healthcare information aggregated by a set of wearable devices. It could also be the sum of all the news published by the users on Facebook.

We could continue with many other examples, but generally, we can describe data as “big” where the dataset has the following characteristics:

Big Data has: Volume

Where the quantity of generated and stored data is enormously large. Usually, the size of the data also determines the value and its potential insight.

Variety

Where the type and nature of the data are diverse. Usually, this data comes from text, images, audio, video, and other forms often mixed together.

Velocity

Where the speed at which the data is generated and processed is incredibly high. It is often available in real-time. It is generated frequently and, as frequently, is handled and processed.

In short: big data is a very large amount of data, which is only insightful if analyzed with sophisticated algorithms ran by powerful computers. Its applications usually run on cloud-based infrastructures, which potentially can reach infinite computational power.

These types of algorithms, which are created to analyze this kind of data, have the goal to identify patterns that describe the dynamics of groups of items. This type of analysis creates a fertile playground for the application of other technologies and processes. Machine learning, deep learning, and neural networks are a few examples of it.

All of these together have the goal to describe the past and the present. So that we become capable of predicting the future with good precision.

The alternative to Big data is Small data. Surprisingly Small data can be even more insightful than the big version…how? Read about it here.

Share this post:

Other articles you might like:

wonderflow image

Marketing · Sep 03, 2021

MarTech: The Rise of Marketing Technology Investments & 7 Key Marketer Tools In 2021

The global MarTech landscape is fast evolving. But what does that really mean? Find out here what is MarTech, including key trends to consider before making new marketing technology investments. Plus, 7 key solutions in 2021 for every ‘marketer stack’ to conquer CX.   The global MarTech landscape is continuously evolving, making decision-making more challenging for marketers. Because of this, modern companies must ensure that they are investing in the right marketing technology solutions that…

wonderflow image

Customer experience · Aug 26, 2021

Stay Connected: How To Be Customer Centric In Telecommunication

  As a telecommunication service provider, you may have been thinking your team has worked hard to satisfy your customers – until one day you see another service cancellation request by another customer. Worse, a low-star rating of your business.  And like many other telecom carriers, you may wonder why this is the case? Aren’t we living in the age of digital transformation where we basically would all die without WiFi? Why are telecoms increasingly…

wonderflow image

Business · Aug 31, 2021

Guest Blog: Advances In AI Will Transform Sentiment Analysis

HIPSTO has developed a premier AI open knowledge discovery platform. As one of our technology partners, their advanced natural language understanding technology works within Wonderflow’s advanced voice of the customer analytics platform to provide users with the most reliable and accurate results. In their guest blog post, HIPSTO helps CX professionals to gain a clearer understanding of what sentiment analysis is, including key challenges in this exciting and emerging research field. Plus, 5 key benefits…