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Strategic Human Resource Management - AIB (MBA) 2015 from Rohana K Amarakoon

Who uses big data?

Big data affects organizations across practically every industry. See how each industry can benefit from this onslaught of information.

Banking

With large amounts of information streaming in from countless sources, banks are faced with finding new and innovative ways to manage big data. While it’s important to understand customers and boost their satisfaction, it’s equally important to minimize risk and fraud while maintaining regulatory compliance. Big data brings big insights, but it also requires financial institutions to stay one step ahead of the game with advanced analytics.

Education

Educators armed with data-driven insight can make a significant impact on school systems, students and curriculums. By analyzing big data, they can identify at-risk students, make sure students are making adequate progress, and can implement a better system for evaluation and support of teachers and principals.

Government

When government agencies are able to harness and apply analytics to their big data, they gain significant ground when it comes to managing utilities, running agencies, dealing with traffic congestion or preventing crime. But while there are many advantages to big data, governments must also address issues of transparency and privacy.

Health Care

Patient records. Treatment plans. Prescription information. When it comes to health care, everything needs to be done quickly, accurately – and, in some cases, with enough transparency to satisfy stringent industry regulations. When big data is managed effectively, health care providers can uncover hidden insights that improve patient care.

Manufacturing

Armed with insight that big data can provide, manufacturers can boost quality and output while minimizing waste – processes that are key in today’s highly competitive market. More and more manufacturers are working in an analytics-based culture, which means they can solve problems faster and make more agile business decisions.

Retail

Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things.

Big Data History and Current Considerations

Big Data

While the term “big data” is relatively new, the act of gathering and storing large amounts of information for eventual analysis is ages old. The concept gained momentum in the early 2000s when industry analyst Doug Laney articulated the now-mainstream definition of big data as the three Vs:

Volume. Organizations collect data from a variety of sources, including business transactions, social media and information from sensor or machine-to-machine data. In the past, storing it would’ve been a problem – but new technologies (such as Hadoop) have eased the burden.

Velocity. Data streams in at an unprecedented speed and must be dealt with in a timely manner. RFID tags, sensors and smart metering are driving the need to deal with torrents of data in near-real time.

Variety. Data comes in all types of formats – from structured, numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions.

At SAS, we consider two additional dimensions when it comes to big data:

Variability. In addition to the increasing velocities and varieties of data, data flows can be highly inconsistent with periodic peaks. Is something trending in social media? Daily, seasonal and event-triggered peak data loads can be challenging to manage. Even more so with unstructured data.

Complexity. Today's data comes from multiple sources, which makes it difficult to link, match, cleanse and transform data across systems. However, it’s necessary to connect and correlate relationships, hierarchies and multiple data linkages or your data can quickly spiral out of control.

Why Is Big Data Important?

The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:

• Determining root causes of failures, issues and defects in near-real time.
• Generating coupons at the point of sale based on the customer’s buying habits.
• Recalculating entire risk portfolios in minutes.
• Detecting fraudulent behavior before it affects your organization.

 

Why Big Data Is BIG?

Big data is a broad term for data sets so large or complex that traditional data processing applications are inadequate. Challenges include analysis, capture, data curation, search, sharing, storage, transfer, visualization, querying and information privacy.

Also Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.

Data sets are growing rapidly in part because they are increasingly gathered by cheap and numerous information-sensing mobile devices, aerial (remote sensing), software logs, cameras, microphones, radio-frequency identification (RFID) readers and wireless sensor networks. The world's technological per-capita capacity to store information has roughly doubled every 40 months since the 1980s^, as of 2012, every day 2.5 exabytes (2.5×10¹⁸) of data are created. One question for large enterprises is determining who should own big data initiatives that affect the entire organization.

 

Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, curate, manage, and process data within a tolerable elapsed time. Big data "size" is a constantly moving target, as of 2012 ranging from a few dozen terabytes to many petabytes of data. Big data requires a set of techniques and technologies with new forms of integration to reveal insights from data sets that are diverse, complex, and of a massive scale.

 

Big data can be described by the following characteristics:

• Volume

The quantity of generated and stored data. The size of the data determines the value and potential insight- and whether it can actually be considered big data or not.

• Variety

The type and nature of the data. This helps people who analyze it to effectively use the resulting insight.

• Velocity

In this context, the speed at which the data is generated and processed to meet the demands and challenges that lie in the path of growth and development.

• Variability

Inconsistency of the data set can hamper processes to handle and manage it.

• Veracity

The quality of captured data can vary greatly, affecting accurate analysis.

 

Factory work and Cyber-physical systems may have a 6C system:

• Connection (sensor and networks)
• Cloud (computing and data on demand)
• Cyber (model and memory)
• Content/context (meaning and correlation)
• Community (sharing and collaboration)
• Customization (personalization and value)

                                        

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