Big Data – Productivity, Innovation And Competitiveness

Big Data – Productivity, Innovation And Competitiveness

Big Data – Productivity, Innovation And Competitiveness

Big Data Analytics

Big data refers to datasets that are so large, diverse, and fast-changing which need advanced and unique storage, management, analysis, and visualization technologies.  According to McKinsey, Big Data is “the next frontier for innovation, competition and productivity”.  The right use of Big Data can increase productivity, innovation, and competitiveness for organizations. Inhi Suh, IBM vice president of big data, stated that businesses should place a greater emphasis on analytics projects. In fact, big data analytic is an important step to extract knowledge from a huge amount of data. It is a competitive advantage for most companies.

big-data-1

According to Gupta and Jyoti (2014), “Big data analytics is the process of analysing big data to find hidden patterns, unknown correlations and other useful information that can be extracted to make better decisions”.Agrawal et al. (2011) described the multiple phases in the big data analysis which are Data Acquisition and Recording; Information Extraction and Cleaning; Data Integration, Aggregation, and Representation; Data Modeling and Analysis; and Interpretation. All these phases are crucial and high accuracy in each of these steps will lead to effective big data analytic. In this way, the promised benefits of big data will be achieved.

A wide variety of analytical techniques and technologies can be used to extract useful information from large collections of data. Such information helps companies to gain valuable insights to predict customer behaviour, effective marketing, increased revenue and so on. Maltby (2011) reviewed several literatures on big data analytics and introduced several techniques, such as Machine learning, Data mining, Text analytics, Crowdsourcing, Cluster analysis, Time series analysis, Network analysis, Predictive modelling, Association rule, and Regression, that can be used to extract information from a data set and transform it into an understandable structure for further use . In fact, using data analytic techniques depends on the research objectives/ questions, nature of the data, and the available technologies.

In addition, there are a wide variety of software products and technologies to facilitate big data analytics. EDWs, Visualization products, NoSQL databases, MapReduce & Hadoop, and cloud computing are examples of the more common technologies used in big data analytics. All these techniques and technologies cannot be used for every project or organization. Needs and potential of each organization should be evaluated in order to choosing the appropriate tools for big data analytic.

Studies indicates that data analysis is considerably more challenging than simply locating, identifying, understanding, and citing data. Many researchers believe that the most of the challenges and concerns with data is related to volume and velocity. However, a recent survey conducted by the creator of open source computational database management system on more than 100 data scientist indicates that variety of data sources (not just data volume & velocity) is the main challenge in analysing data. Furthermore, results of this study indicated that Hadoop cannot be a viable solution for some cases that require complex analytics.  It would seem that data analysis is a clear bottleneck in many applications. In line with this idea, Agrawal and his colleagues (2011) reported common challenges in big data analysis: Heterogeneity and Incompleteness of data, Scale, Timeliness, Privacy, error-handling, lack of structure, and visualization. It is recommended that the highlighted challenges should be addressed for effective data analysis.

By Mojgan Afshari

About Mojgan Afshari

Mojgan Afshari is a senior lecturer in the Department of Educational Management, Planning and Policy at the University of Malaya. She earned a Bachelor of Science in Industrial Applied Chemistry from Tehran, Iran. Then, she completed her Master’s degree in Educational Administration. After living in Malaysia for a few years, she pursued her PhD in Educational Administration with a focus on ICT use in education from the University Putra Malaysia.She currently teaches courses in managing change and creativity and statistics in education at the graduate level. Her research areas include teaching and learning with ICT, school technology leadership, Educational leadership, and creativity. She is a member of several professional associations and editor of the Journal of Education. She has written or co-authored articles in the following journals: Journal of Technology, Pedagogy and Education, The Turkish Online Journal of Educational Technology, International Journal of Education and Information Technologies, International Journal of Instruction, International Journal of Learning, European Journal of Social Sciences, Asia Pacific Journal of Cancer Prevention, Life Science Journal, Australian Journal of Basic and Applied Sciences, Scientific Research and Essays.

View All Articles

Sorry, comments are closed for this post.

Comic
InformationWeek Reveals Top 125 Vendors Taking the Technology Industry by Storm

InformationWeek Reveals Top 125 Vendors Taking the Technology Industry by Storm

InformationWeek Reveals Top 125 Vendors Five-part series details companies to watch across five essential technology sectors SAN FRANCISCO, Sept. 27, 2016 /PRNewswire/ — InformationWeek released its list of “125 Vendors to Watch” in 2017. Selected by InformationWeek’s expert editorial team, the companies listed fall into one of five key themes: infrastructure, security, cloud, data management and…

Part 1 – Connected Vehicles: Paving The Way For IoT On Wheels

Part 1 – Connected Vehicles: Paving The Way For IoT On Wheels

Connected Vehicles From cars to combines, the IoT market potential of connected vehicles is so expansive that it will even eclipse that of the mobile phone. Connected personal vehicles will be the final link in a fully connected IoT ecosystem. This is an incredibly important moment to capitalize on given how much time people spend…

Embedded Sensors and the Wearable Personal Cloud

Embedded Sensors and the Wearable Personal Cloud

The Wearable Personal Cloud Wearable tech is one avenue of technology that’s encouraging cloud connections and getting us all onto interconnected networks, and with the continued miniaturization and advancement of computing the types of wearable tech are always expanding and providing us with new opportunities. A few years ago, smartwatches were rather clunky devices with…

SWIFT Says Bank Hacks Set To Increase

SWIFT Says Bank Hacks Set To Increase

Bank Hacks Set To Increase SWIFT, whose messaging network is used by banks to send payment instructions worth trillions of dollars each day, said three clients were hacked over the summer and cyber attacks on banks are set to increase. The theft of $81 million in February from Bangladesh’s central bank using SWIFT messages rocked…

Security: Avoiding A Hatton Garden-Style Data Center Heist

Security: Avoiding A Hatton Garden-Style Data Center Heist

Data Center Protection In April 2015, one of the world’s biggest jewelry heists occurred at the Hatton Garden Safe Deposit Company in London. Posing as workmen, the criminals entered the building through a lift shaft and cut through a 50cm-thick concrete wall with an industrial power drill. Once inside, the criminals had free and unlimited…

Choosing IaaS or a Cloud-Enabled Managed Hosting Provider?

Choosing IaaS or a Cloud-Enabled Managed Hosting Provider?

There is a Difference – So Stop Comparing We are all familiar with the old saying “That’s like comparing apples to oranges” and though we learned this lesson during our early years we somehow seem to discount this idiom when discussing the Cloud. Specifically, IT buyers often feel justified when comparing the cost of a…

LAVABIT, EDWARD SNOWDEN, AND THE LEGAL BATTLE FOR PRIVACY

LAVABIT, EDWARD SNOWDEN, AND THE LEGAL BATTLE FOR PRIVACY

The Legal Battle For Privacy In early June 2013, Edward Snowden made headlines around the world when he leaked information about the National Security Agency (NSA) collecting the phone records of tens of millions of Americans. It was a dramatic story. Snowden flew to Hong Kong and then Russia to avoid deportation to the US,…

Don’t Be Intimidated By Data Governance

Don’t Be Intimidated By Data Governance

Data Governance Data governance, the understanding of the raw data of an organization is an area IT departments have historically viewed as a lose-lose proposition. Not doing anything means organizations run the risk of data loss, data breaches and data anarchy – no control, no oversight – the Wild West with IT is just hoping…

How To Humanize Your Data (And Why You Need To)

How To Humanize Your Data (And Why You Need To)

How To Humanize Your Data The modern enterprise is digital. It relies on accurate and timely data to support the information and process needs of its workforce and its customers. However, data suffers from a likability crisis. It’s as essential to us as oxygen, but because we don’t see it, we take it for granted.…

How You Can Improve Customer Experience With Fast Data Analytics

How You Can Improve Customer Experience With Fast Data Analytics

Fast Data Analytics In today’s constantly connected world, customers expect more than ever before from the companies they do business with. With the emergence of big data, businesses have been able to better meet and exceed customer expectations thanks to analytics and data science. However, the role of data in your business’ success doesn’t end…

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services Business Intelligence (BI) services have recently seen an explosion of innovation and choices for business owners and entrepreneurs. So many choices, in fact, that many companies aren’t sure which business intelligence company to use. To help offer you a solution, we’ve compiled a list of 12 Business Intelligence companies…

The Future of M2M Technology & Opportunities

The Future of M2M Technology & Opportunities

The Future Of The Emerging M2M Here at CloudTweaks, most of our coverage is centered around the growing number of exciting and interconnected emerging markets. Wearable, IoT, M2M, Mobile and Cloud computing to name a few. Over the past couple of weeks we’ve talked about Machine to Machine (M2M) such as the differences between IoT and…

The Cloud Above Our Home

The Cloud Above Our Home

Our Home – Moving All Things Into The Cloud The promise of a smart home had excited the imagination of the movie makers long ago. If you have seen any TV shows in the nineties or before, the interpretation presented itself to us as a computerized personal assistant or a robot housekeeper. It was smart,…

Cloud Computing Is Greener Than You Think

Cloud Computing Is Greener Than You Think

Cloud Computing Is Greener Than You Think Last week we touched upon how a project in Finland had blended two of the world’s most important industries, cloud computing and green technology, to produce a data centre that used nearby sea water to both cool their servers and heat local homes.  Despite such positive environmental projects, there…

Report: Enterprise Cloud Computing Moves Into Mature Growth Phase

Report: Enterprise Cloud Computing Moves Into Mature Growth Phase

Verizon Cloud Report Enterprises using the cloud, even for mission-critical projects, is no longer new or unusual. It’s now firmly established as a reliable workhorse for an organization and one that can deliver great value and drive transformation. That’s according to a new report from Verizon entitled “State of the Market: Enterprise Cloud 2016.” which…

15 Cloud Data Performance Monitoring Companies

15 Cloud Data Performance Monitoring Companies

Cloud Data Performance Monitoring Companies (Updated: Originally Published Feb 9th, 2015) We have decided to put together a small list of some of our favorite cloud performance monitoring services. In this day and age it is extremely important to stay on top of critical issues as they arise. These services will accompany you in monitoring…