What is Big Data?
Big Data is a term used to describe the availability of data & exponential growth; structured, unstructured & multi structured. It’s playing a vital role for all kinds of businesses irrespective of their size. More accurate data may lead to more accurate analyses, more accurate analysis may lead to more accurate decision making & more accurate decision making may help in improvising operational efficiencies, cost reductions, risk mitigation & so on. Earlier times, decision was taken by an organization on the basis of Gut Feeling but now organizations rely on the historical data to make better decisions. This has given more importance to big data.
In 2001 research report by Gartner, analyst Doug Laney articulated the definition of Big Data as 3vs which is still used to define Big Data –
- Volume (increasing amount of data)
- Velocity (increasing speed of data in & out)
- Variety (different formats of data, range of data types & sources)
Why Big Data Matters to You?
Organizations now have various mediums & sources to collect the data but they don’t know what to do with that data. Even if they know what to do with that data, they don’t know what technology to use for big data processing & analyzing. It is rightly said, that earlier times organization’s problem was how to collect data, then a time came when the problem was how to store that collected data & currently the problem is what to do with the collected and stored data. How to make every bit of data collected count? This is the major question that organizations ask themselves.
Talent pool in India!!!
When we talk about the required talent pool that organizations are looking for, we don’t have a huge no. of people who know Big Data Analytics & the required knowledge of advanced technologies for Big Data. Since, Big Data space is evolving & more and more organizations are practicing it, we expect more requirement will be needed in the near future in this domain.
Source – Analytics India Magazine
The right mix of a professional with excellent analytical skills & hands on experience with advanced technology like Hadoop, R, MongoDB & so on is what organizations are looking for. According to latest McKinsey report, more than 2,00,000 data scientists will be needed by the industry (2014-2016). Also, according to a report published in 2011 by McKinsey & Co., U.S. could face a shortage by 2018 of 140,000 to 190,000 people with “deep analytical talent” and of 1.5 million people capable of analyzing data in ways that enable business decisions. Almost same is the requirement across the globe for this era of Big Data.
This Big is Big Data!!!!!