We understand that you’re tired of hearing about Big Data. This tech jargon has been in use since the late 1990s, the term Big Data describes extremely large data sets that require some sort of advanced analytics to transform sizeable chunks of information into useful business insights.
While Gartner acknowledges that Big Data investments continue to rise, they are showing signs of contracting. This is happening as businesses move to not only “handle” Big Data but also plan to utilise the data they have at their disposal to solve real, tangible business challenges. And to be honest, this is where the real value of Big Data comes in – when organisation’s leverage business and customer data to make smarter decisions to up efficiency and productivity and better meet customer needs.
With this in mind, it’s important to continue the Big Data conversation and to spend some time learning the top big data terms every business needs to know. Here’s our list:
- Algorithm: A statistical process or mathematical formula used to analyse data.
- Big Data analytics: The process of examining large and varied data sets to uncover hidden patterns, trends, correlations, customer preferences and other useful insights that can help businesses make more-informed decisions.
- Data lake: A large repository of enterprise-wide data in a raw format.
- Data warehouse: A repository for enterprise-wide data but in a structured format.
- Metadata: Simply put, metadata is data about data, it determines how data is organised and how we understand it.
- Data mining: This entails finding meaningful patterns and deriving insights from larger data sets using sophisticated techniques to recognise patterns.
- Data scientist: The person who makes sense of the big data is called a data scientists. These people need to understand the business context and should be able to tell stories with this information.
Sure, Big Data presents you with some big challenges but it also opens you up to big possibilities. To keep learning about all things digital, business strategy and innovation, you should definitely sign up for our monthly newsletter. You can do so, below.