What is variety? In the context of big data and business, it’s defined as the ability to extract value from large amounts of unstructured data. It can be used for everything from devising new ways to increase productivity to finding new ways of managing customer relationships. In other words, anything that can tell you a lot about the world in general can be considered a kind of variety.
So, how can you use big data analysis to improve your business? There are in fact two basic ways to approach this question. The first involves using big data in order to discover patterns or relationships between various elements of data. The second way is to use big data in order to generate new ideas or concepts that you can then further analyze. But what is variety in terms of big data in both of these approaches? In other words, what can you expect to get out of both?
The first approach falls into the category of pure exploration. This means that you’re looking for generalities about any particular business or element of society, rather than specific information about one person or one product. This is the bulk of the work done by data scientists, journalists, and anyone else working in a statistical or social science field. In these types of situations, the data sample is too large to be useful for generalizations, so you will simply try to make new inferences based on the data that you have.
In terms of big data in terms of generating new ideas, you will likely be looking at things like sales figures, customer lists, or competitor analyses. You may be interested in this data for its own sake – to help with research, perhaps, or to find a business model that works. Sometimes, however, you will need to make inferences from this large amount of data. Maybe you can’t make a generalization because many customers are unique, or maybe some customers have been subjected to fraud or corruption. In either situation, you need to know how to deal with all of the different kinds of big data.
For example, when it comes to fraud detection, you may be interested in seeing how often fraud occurs, who is performing it, and where the fraud takes place. However, you may want to know more about the companies or individuals that are conducting the acts – for example, where they are located, how long they’ve been in business, and what type of assets they have. In this case, you would need a more targeted kind of big data in order to make sense of it all. For example, if you wanted to see if the company was involved in fraud in certain states, you would look for patterns in those states that may help you build an argument for why the company is legitimate.
Another type of big data is used in weather forecasts, which are notoriously difficult to get accurate on a daily basis. However, the goal is not to get it all wrong. Rather, the aim is to understand the past and future in terms of climate, precipitation, heat, humidity, cloud cover, etc. As new technologies are developed, the range of information available becomes greater. In addition, scientists are learning how to collect that information in a way that provides useful data sets. This may take a while, but as new tools are developed, the quality of big data will improve and become much easier to use.
Big data can also impact education. For example, in the last decade or so, a new focus has been placed on providing students with access to large amounts of educational information. Today, you may want to know more about a particular topic such as the Atkins diet or brain development. Today, the Internet provides a wealth of resources that can help you find out what you need to know. However, you may also be concerned about gaining access to this information. Today, there are websites that offer databases that are specifically designed for college students who need access to this information.
In short, big data is everywhere and it is making it easy to analyze large sets of data and provide answers to questions that have long been answered by scientists and other interested parties. But, when considering in terms of big data what is variety, it is important to remember that while it is indeed varied, the usefulness is becoming commonplace. Think of everything you do in your day-to-day life, what are some facts that you can think about and draw conclusions from. While obviously the list is not long, what is variety? In essence, you should be able to think of any number of ideas and analyze them in terms of big data.