Big Data is changing how we manage data and how we use it in our businesses. Big Data is useful not just for its scale but also for its real-time and high-frequency nature that enables testing of business strategies.
Big Data comes from multiple sources — often from technologies that until recently did not exist. Increasingly, Big Data is coming from handheld smart devices, complex scientific sensors, and retail, inventory, and sales tracking devices.
The term “data scientist” evokes images of a single genius working alone, applying esoteric formulas to vast amounts of data in search of useful insights. But this is only one step of a process. Data analysis is not a goal in itself; the goal is to enable the business to make better decisions. Data scientists must build products that allow everyone in the organization to use data better, enabling data-driven decision making in every department and at every level.
Data is only valuable if you can translate it into actionable insights. Gaining these insights starts with figuring out what you want from your data—€”finding its value. This data should lead to facts; facts must lead to information, which appears in reports; and those reports should be used to provide insights for making decisions.
The job trend graph for Big Data Analytics, proves that there is a growing trend for it and as a result there is a steady increase in the number of job opportunities. The current demand for qualified data professionals is just the beginning. A Bangalore-based cofounder of Data Analytics company quotes “In the next few years, the size of the analytics market will evolve to at least one-thirds of the global IT market from the current one-tenths”.
Dr Aurovrata is a veteran in this field. Having done a stint with European Space Agency, he now runs his own Data Analytics company by the name www.syllogic.com. In this Master-Class, Dr Aurovrata breaks down the concept of data and how it can be used as business insights.