According to McKinsey Global Institute, “Big Data refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyze.”
Today real time analytics have become affordable. As a result, leading companies are using big data analytics to improve sales revenues & profit, and do a better job of serving customers. Big Data is different from previous one as follows:
- Instead of depending on a sample of data to predict outcomes, companies can now use data analytics to parse through population. If something occurs one out of ten million times, sampling will miss it. To identify that rare event, we must process all observations.
- Previously, companies used predictive models based on data that were not analyzed in real-time. Now, modern analytics allows the real-time analysis of data.
- Big data techniques allow the analysis of unstructured/ semi-structured data (e.g. emails, photos, comments on social networks, videos, sensor data) – as compared to the previous limitations of only able to analyze structured data from database.
- Old Big data was just about volume (lots of data) but this new big data talks about other aspects of data as well such as variety, velocity, veracity, etc…
- Big data refers to effectively deal with all aspects (digital media, vast amounts and types of data are coming at us so fast and from every online and offline direction) of consumer information.
Hence real change has been in the ways that we can access that data and use it to create value.
Below are some examples for Big data of Indian companies:
Flipkart is a leading Indian e-commerce company established in 2007. They are India’s no. 1 Their statistics in 2012 was:
1. It had 2 millions customers.
2. Sells rate was 20 products per minute.
3. 8 million visits every month.
4. 30000+ items shipped per day.
Irctc is a subsidiary of the Indian Railways that handles the catering, tourism and online ticketing operations of the railways. It’s statistics was:
1. The average booking per day has been increased from 367,000 in 2012 to 415,000 in May 2013.
2. There were 2.23 millions of transactions in the month of July 2012.
3. 250 millions of registered customer were there in 2012.