Cultivating innovation and building a BDA ecosystem that will impact all sectors of the economy. – Data’ Yasmin Mahmood, CEO, MDEC
With this in mind, we challenged ourselves to explain the term Big Data in a way that everyone including your children, can understand.
A collection of data can be big, but a collection of Big Data is also uncategorised and not easily searchable. To structure and make sense of it, we need advanced systems and technologies. It is estimated that ver 90% of digital data is unstructured.
Sources of Big Data
- Media: Media and communication outlets (articles, podcast, audio, video, email and blogs)
- Social: Digital material created by social media (text, photos, videos, tweets)
- Machine: Data generated by computers and machines generally without human intervention (business process logs, sensors, phone calls)
- Historical: Data about our environment (weather, traffic, census) and archived documents, forms or records
Big Data Analytics is Changing Out World
- Business: It helps us to improve and optimize the ways we do business by making data-driven decisions.
- Healthcare: It allow us to find new cures and better understand and predict disease patterns. This leads to saving more lives.
- Security: Police forces use big data tools to predict criminal activities, conduct investigations and ultimately to catch criminals faster.
- Science: It creates new possibilities and ways to conduct research which would otherwise be impossible, helping us to make new discoveries.
How Big is Big Data?
- 204 million emails sent
- 83,000 amazon in sales
- 61,141 Hours of music
- 47,000 App downloads
- 100+ New LinkedIn accounts
- 2+ million Search queries
- 277,000 Logins and 6 million Facebook views
- 100,000 new tweets and 320 new tweeter accounts
- 20 million photo views and 3,000 photo uploads in Flickr
The 7 “V” of Big Data
- Visualization: Conveying meaning of data
- Volume: The size of the data
- Velocity: The speed of which the data is generated
- Variability: The constant change of data
- Variety: The different types of data
- Veracity: The trustworthiness of the data in terms of accuracy
- Value: Just having Big Data is of no use unless we can turn it into value
Data is an asset. If you don’t know how to analyse it, then you’re unable to get value from this asset. – Ir Dr Karl Ng, Director of Innovation Capital, MDEC
Source from MDEC