What is Big Data Analytics?
Big data analytics helps to examine large amounts of data to uncover hidden patterns, correlations, and other insights. With the help of current technology, it is possible to analyze your data and get answers from it immediately and effectively. Analyzing all this data is essential, and it helps to uncover patterns that might be invisible, and this might provide valuable insights and depth about the users who created it. Through this insight, business tycoons may be able to gain an edge over their rivals and make superior business decisions.
The term was acknowledged since the 1990s, John Mashey popularized the term. More than 2.5 trillion bytes information is generated every day through our various types of equipment such as our smartphones, computers, and laptops; sensors spread all over through our cities, bank cards through all this information big data comes into vision. It is a combination of high technology systems and mathematics which together are capable of analyzing all this information and proving a meaning of great value for the companies or governments. It is used all over the globe in different firm along with the governmental firms. One of the vital thing which big data does is that it informs the businesses about customers or clients with the help of tools such as business management. Big firms use big data to identify performance standards or in the performance of work management.
Majorly there are four types of Data Analytics-
- Descriptive Data Analytics
The descriptive one explains what happened in the past with the help of the data presented through graphics and reports, but it is not concerned with the future that why, and what will happen in the future.
- Diagnostic Data Analytics.
Diagnostic data analytics is closely linked to the previous type, and it seeks to understand the reasons why any given event took place in the past.
- Predictive Data Analytics.
The most useful and essential for companies is predictive data analytics. It goes through all the data to predict what could happen and this helps the businesses to take decisions accordingly.
- Prescriptive Data Analytics.
The prescriptive one is an evolution of the preceding approach based on automation processing or a/b testing, the system decides to analyze and to predict data advice and how to proceed according to them by recommending. For example the best location on your site to place a banner or the most convenient gas station along your way if, you want to avoid traffic. Big data analytics helps companies or public administrations to understand the users better and find previously unnoticeable opportunity by providing a better service and mitigate fraud.
Hence, Big Data Analytics are essential in business firms for many reasons in order to control, take decisions in the governmental firms, and in predicting businesses for future benefits.