Big data is a growing field which treats approaches to analyze, practically extract valuable information from, or in some cases interpret the large amount of data that is too vast or too complex to be handled by conventional data processing software. It was first conceived as a theoretical framework for statistical methodologies and applications in scientific research. The first applications were made on problems of network optimization. However, big data has rapidly turned into one of the core strategies of most business enterprises, especially in information services and e-commerce. It is generally accepted that big data analytics will play an important part in managing and analyzing the enormous volume of data generated daily by today’s web-based business systems, mobile devices, and the like.
Today, big data analytics is becoming more important for businesses of all sizes. The most significant impact of this dynamic new tool is in the area of supply chain management. It enables companies to efficiently coordinate their activities across their various units such as factories, sales offices, and sales channels, among others. The potential applications go far beyond supply chain management, however.
One of the most important uses for big data today is healthcare. Large databases of medical images, genetic information, and so on are essential to the analysis of disease and health history data. Another typical use is in the workforce and unemployment modeling. Experts believe that large-scale collections of diverse sources of data on thousands of subjects will eventually lead to more accurate behavioral forecasting. Moreover, big data may even be used to improve and support human resources departments in their job roles, such as recruiting, hiring, and promotion of employees.
Data mining is also one of the possible applications for big data analytics. Data mining involves the process of discovering previously unnoticed profitable information by compiling huge databases that include records from several sources. Examples of such sources might be publicly available information or even medical texts. After the big data has been compiled, it can then be used to generate reports, predictions, and other such information. This method might seem to pose a big challenge to the analysts because all the relevant data must be gathered. However, there are several tools and frameworks out there to deal specifically with this issue.
Another application that many are excited about using in big data analytics is machine learning. Machine learning involves the process of simulating and identifying patterns from massive amounts of data in order to make statistical analysis. Experts believe that the best way to apply machine learning is by developing predictive rules for creating new rules. In other words, experts believe that by combining historical data with modern data, big data analytics can produce and provide very accurate predictions about the future performance of specific organizations.
Another possible application of big data analytics comes in the form of web search engine optimization (SEO). This application works by allowing web pages to incorporate specific keywords into their titles, headers, and content. The purpose of doing this is to attract users searching for particular products or services by providing them with an easier time finding what they are looking for. However, experts claim that this technique does not work on a generic level because it only provides links to particular sites and does not provide an insight as to what users are really looking for. In addition, SEO does not allow for keyword targeting because it relies too much on text, which is why many experts say that it is important to create relevant and unique content in order for search engines to index it properly.
Experts also say that the most promising approach in big data analytics revolves around applying natural language processing (NLP). Natural language processing uses large databases of conversational examples. Examples are collected from everyday situations, like when users chat with their friends on social networks or when they use online message boards. Experts believe that these types of sources enable experts to analyze users’ responses to certain questions and how they react to different situations. With this kind of background, it would be easy for an analyst to predict what people want and how they react to various stimuli.
While all these theories sound plausible, experts say that big data analytics still needs a lot of research and experimentation before it can be established as useful and applicable. For now, experts are waiting for technology to improve so that big data can truly be applied. Perhaps in the next decade, we will see truly intelligent software that can understand not only human speech but also other languages and types of languages. Until then, we can only rely on programs like IBM’s cognitive computing systems and Google Brain. They are currently making progress in learning how to deal with big data and giving us the tools to make it work.