What Are The Different Types Of Big Data Analytics? Why Are They Important?

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Introduction to Big Data

Big data analytics is processing data sets that are too large and complex to be processed using traditional methods. Big data is frequently used in medicine, finance, and marketing industries. Big data can be used in medicine to track the spread of diseases. Big data can be used to forecast market trends in finance.

What exactly is big data?

Big data, as the name implies, is data of enormous size. We receive a large amount of data in various forms from various sources and in enormous volume, velocity, variety, and so on, which can be derived from human or machine sources.

Data can be classified into three types:

  • Data that is structured: Data that is presented in tabular format. Data can be stored, accessed, and processed in a fixed format. Examples include databases and tables.

  • Semi-structured data: Data that lacks a formal data model, such as XML files.

  • Unstructured data: data that lacks a predefined data model, such as text files or weblogs.

Let’s look at the six Vs of big data:

  1. Volume: The amount of data from various sources, such as TB, PB, ZB, and so on. It is a rise of bytes; we are no longer in GBs.

  2. Velocity: High-frequency data, such as that found in stocks. The rate at which big data is produced.

  3. Veracity: Biases, noise, and data anomalies are all biases.

  4. Variety: Refers to the various types of data. Data can take many forms and shapes, such as visual data such as pictures and videos, log data, etc. For most businesses, this is the most difficult issue to deal with.

  5. Variability: how much and how quickly is the structure of your data changing? And how frequently does the meaning or form of your data change?

  6. Value: This describes the value that can be obtained from which data and how big data will produce better results from stored data.

 

Big Data Tools

Big Data is vast and surrounded by numerous trends and new technological developments; the top emerging technologies listed below assist users in dealing with and cost-effectively managing Big Data.

  •  Hadoop by Apache

  •  Spark by Apache

  •  Hive by Apache

 

The top online data analytics course will teach you how to use the wide range of other big data tools that are currently available.

Big data challenges

  • Complex: There is a lack of understanding of the underlying data.

  • Storage: How to fit massive amounts of data into a single physical machine.

  • Performance: How to efficiently and effectively process large amounts of data in order to improve performance.

 

How Data Analytics Can Benefit Small Businesses

You are undoubtedly aware of its difficulties as a small business in India. These include, among other things, erratic logistics, seasonal demands, the various ethnic groups in this land, and, most importantly, economic swings that affect purchasing patterns.

 

  1.  Demographics Explained

Understanding the demographics of your current or intended market is critical to the success of any online business. While a small business may target a specific region, there may be no client demand. As a result, you won’t be able to make much progress in that market.

  1.  Price per Client

Is your small business attempting to climb the wrong tree? Do you target the wrong clientele despite investing too much in digital marketing resources and advertising? If so, it’s time to dive into data analytics and determine how much money you’re wasting on generating potential leads and converting them into customers.

  1.  Meeting Seasonal Demands

The Indian market experiences seasonal demand because it is a land of festivals. Naturally, competition in all forms heats up during the festival and shopping seasons. At the same time, Indian buyers’ tastes are prone to wild swings. What was popular last year may not be popular this year or in the coming years.

  1.  Keeping an Eye on Competitors

In case you’re not aware, data analytics can provide you with a competitive advantage. A good data analytics expert can find out what type of clientele your closest competitors are attracting, what they’re buying, and the average spending per purchase and profits.

  1.  Enhancing Small Business Offerings

According to American business magnate Peter F. Drucker, “Every business has only two functions: marketing and innovation,” and innovation is enabled by data analysis. You may mistakenly believe that your small business provides the killer service or product that your target market requires. But this does not have to be the case. There’s a chance that your small business’s offerings are out of date or even irrelevant in the market.

To summarize

If done properly, data analysis can help you improve customer service, cut digital marketing and advertising costs, and gain more customers. Due to the high cost of data analysis in India, few small businesses engage in it. As a result, your small business could benefit greatly from investing in data analysis. If you’re a data analytics aspirant, looking to brush up you skills, Learnbay’s data science course is the perfect investment for your career. With this training, you will gain hands-on industry experience and become a certified data scientist in 6  months.

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