Buzzwords In The World Of BI
Now for a while, big data has become the cornerstone or the center of attraction of the technology. Big Data has become one of the major cutting edge technologies and there has been the rise of concepts and actualization of the same around it and it’s time we brush our know-how around these concepts. So the top notch words buzzing around the world of big data are as follows:
1. Internet of Things
IoT or the Internet of Things is a rapidly growing constellation of net-connected sensors across myriad things of our day to day lives. Meanwhile, big data is characterized by the four Vs:
- velocity and
- veracity of data
Big data deals with a huge volume of structured and unstructured data coming from numerous sources, so we can go the extent of saying that IoT and big data can almost be termed as the two faces of a coin! The IoT will convert the big physical world into a single information system; where the objects would be pretty much connected to their neighboring objects and databases. All the objects and people shall be able to represent themselves digitally and establish appropriate connections via big data. Hence the intersection of IoT and Big Data will be a multi-disciplinary field and specialized skills will be required to extract maximum value from it, and a lot of buzzes is expected around it in the nearby future.
2. The Dark Data
Before understanding the hype and buzz around Dark data we need to realize what is dark data? Dark data can be visualized as the information which the organizations dig out, process and store during the various routine activities but then they fail to put them into use for extracting something more meaningful and valuable from other processes. However a lot can be achieved by combining the dark data with big data, it is possible to unlock new patterns in the behavior or find a variation that was unavailable previously.
3. Smart Data
Another buzz strongly audible in the world of big data is smart data. It is like a celebrity business intelligence buzzword where it is difficult to find its actual implementation. So smart data can be smartly visualized as big data that has been filtered and cleaned and amongst the various attributes i.e. volume, variety, and velocity of data, smart data is all about the value and veracity attributes of it. The main purpose of smart data is being to filter out the non-essential parts and hold on the valuable parts of the data which can be used effectively to find the solutions to myriad business problems. So where big data is about data-driven decision making, on the other hand, smart data deals with analytics and visualization. So in a sense, smart data wants to get big data dolled up to make it look more perfect and pretty. Hence the new buzz is around focussing to collect not a gargantuan volume of data but to be able to contextualize why something has occurred and what would be the future consequences?
4. Integration of Cloud and Big Data
The amount of data and the sources from where it is been gathered are increasing at a rapid pace. This is where the various departments like sales, marketing, etc. get greedy and demand for more and more personalized and accurate information. The gap between demand and feasibility can only be minimized by linking cloud and big data. The cloud has become an unavoidable prerequisite for big data to work effectively. The seamless alliance between big data and cloud ensures the evolution of fresh, integrated analysis methods whose results are directly incorporated into the business decisions and has the ability to generate more new appropriate processes. So buzzes big business echo via big data and cloud integration!
However, understanding the lingo does not satiate the necessity. We have to remain laser focused on how to distinguish between all the data that come to us and our ability to make use of the same to draw proper insights. Buzzwords will be formed and dissolved in the air but let’s look out for the ones which are there and is ready to stay for a long while and make an impact!!!
References: domo.com, cio.com, datapine.com, t-systems.com