Big Data — translates as big data. Big Data is a modern technological direction associated with the processing of large data arrays. Such large volumes of information that a person cannot process them himself, for this reason he is forced to use Big Data technology.
Features of Big Data:
- Requires significant human and computational resources for analysis
- In this larger amount of data, there is information that will lead to a specific, measurable increase in the company’s business performance.
How does Big Data technology work?
The basic principle of work: the more data, the more reliable the solution to the problem can be found. When there is a lot of information, it is possible to find solutions that were hidden from view. More information is analyzed by building models and processing them by a computer.
As a rule, the data is organized randomly, in order to find and understand the necessary information, specialists use artificial intelligence and machine learning.
Examples of using Big Data:
- IBM applies big data techniques to the money transactions it conducts. With their help, 15% more fraudulent transactions were detected, which increased the amount of protected funds by 60%.
- VISA similarly used Big Data, tracking fraudulent attempts to perform a particular operation. Thanks to this, they annually save more than 2 billion US dollars from leakage.
- Procter&Gamble conducts market research using Big Data, more accurately predicting customer desires and demand for new products.
- The German Ministry of Labor achieves targeted spending by analyzing big data when processing benefits claims. This helps direct money to those who really need it (it turned out that 20% of benefits were paid inappropriately). The ministry claims that Big Data tools cut costs by €10 billion.