In an age of technology, apart from products, services, money, power etc. one more aspect has and is becoming the most coveted asset – Information. Information and knowledge are now not only the forefront but pretty much the epicentre when it comes to how people across the globe function on a daily basis.
Whether it is assimilation of content which may be related to news, information, professional and personal areas or whether it is content absorption and collection by everyone. Information is now key. In this cycle of content sharing where details may be given in one way or another in exchange of data and information, data mining and big data are terms which have utmost importance.
What exactly are data mining and big data? To put it simply, thousands and millions of users may be acquiring content from a particular source like a website. The website may choose to ask for information such as email ID, phone number or some websites may drop something known as a ‘cookie’ on the users IP address. This way the website can track the activity of the user for a certain period of time.
Now with this simple act, information about a user starts getting generated. Whether it’s data such as Email, Phone number, Name etc. But also data such as other websites visited, showing the user relevant ads on display networks, buying patterns and tons of other data. From this data, age, sex, location, preferences etc. can also be determined.
Imagine this data for millions of people over a long period of time, for thousands of websites all over the world. That’s a great amount of data. This is Big Data. And how does one use this information? For reaching out to them with the right communication, right product/service at the right time, at the right place and with all the related right reasons.
Other data mining uses are:
- Risk and Probability
- Finding sequences
The right analysis of data can help marketers, researchers, analysts, government bodies in their various fields of work. But analysis or data mining of big data does have its issues.
- As there is so much information over a long period of time, a human interface for analysis is no longer valid. Systems, software’s, techniques need to come into play.
- Also, the amount of data is so huge that storage is a great problem.
- Margin of error is and needs to be zero as a small mistake in a huge data stream can be disastrous
But data mining and big data also create opportunities such as market research services and data storage device products and facilities. Since Big data is anything which is data above 500 million MB, big data collection and processing is defined by Gartner as ‘High volume, high velocity, innovative forms of information processing that demand cost effective, innovative forms of information processing that enable enhanced insight, decision making and process automation.’ Though this might be a mouthful, this is an accurate description of big data and data mining.
Big data also follows a framework. It follows the 4 basics which are social analytics, Decision science, Performance management & Data exploration. Using these as the pillars, measurement and experimentation of transactional data and non-transactional data forms the back bone of finding out the exact data we need based on the goal.
To sum it up, data is king. Whoever has access to the right data has access to achieving whatever goal they strive for.
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