Big data was a term coined less than a decade ago to describe the sheer volume of information businesses have within their IT estates. It’s estimated that 2.5 quintillion bytes of data are created every day. The data deluge has had a huge impact on IT departments. Yet it’s also changing the way customers expect businesses to operate. As a result, CxOs are seeing the words “big data” on a daily basis. But amid the excitement and noise surrounding the subject, what are some of they key terms they need to know?
1) Algorithm: At the foundation layer of understanding big data is the mathematical formula used to analyse it.
2) Business Intelligence: BI is an overarching term for data analytics software, including data mining and statistical processing.
3) Data mining: To make sense of data, we need artificial intelligence software. By mining the plethora of data now available to us, we can identify meaningful patterns and gain unique insights from large sets of data using sophisticated software.
4) Data visualisation: Text-based explanations of big data can be difficult to digest. To help your peers, senior staff or even your customers understand the clout behind big data, data visualisation software brings patterns, trends and connections between data sets to life visually.
5) Exploratory Analysis: Continuing your efforts to visually convey the meaning of data sets, exploratory analysis summarises key characteristics by reducing data to a smaller set of variables visually.
6) Explanatory Analysis: Similarly, another approach to analysing data sets, which summarises main characteristics, is explanatory analysis. Using this method, we can make sense of what the data can tell us beyond standard formal modelling.
7) Machine learning: Often associated with Artificial Intelligence, machine learning is a method used to get systems to mimic, learn and improve based on the information ingested into them. Machine learning is proving a critical solution as it speeds up mundane processes so staff can focus on creativity in the business.
Big data can be key to improving your company’s efficiency and return on investment. But if you’re still not sure how to capitalise on your data estate, why not get in touch today with us at Sensus Solutions today to discuss your options?