Over 1.7 MB of new information is produced every second throughout the world. We are consuming more data than ever, and are bombarded with it constantly. This big data, from photos to the organization’s financial details has to be analyzed in order to produce valuable insights to the business – and that is where big data business analytics comes in.
The emergence of big data business analytics has profound significance for any big data dependent business. Whether your big data business is interested in stocks and bonds, amino acids and proteins or criminals and terrorism suspects, big data requires big analytics – and that means more processing power, parallel processing and experts specialized in big data business analytics. But what are the special requirements of big data business analytics?
Big data business analytics
If you have a big data business then you need big data business analytics. What does that mean? Big data analytics is basically the process of examining large data sets containing more than one data type (otherwise known as big data) in order to define the hidden correlations between different parameters. These parameters can be market trends and customer preferences, or they can relate to your specific product, from security to medical R&D.
Big data, big analytics
Business analytics encompasses a variety of approaches or technologies that are used to access and explore the company’s data. In other words, it usually employs statistical analysis and predictive modeling in order to establish trends of the financial and operational parameters of the business in order to optimize business planning and performance. Often, however, this amounts to little more than a educated guess.
Big data, in contrast refers to an immense volume of high velocity, high variety (that is data of different parameters), both structured and unstructured data that requires automated tools to process..
business intelligence and analytics
Business intelligence is used to provide descriptive analytics of the issues for visualization and a diagnostic analysis of the source of the issues discovered by the descriptive analytics. Business analytics, in contrast, offers a predictive analysis based on the data and a prescriptive analysis for resolving the issues uncovered by descriptive analytics and data discovery.