10 TIPS TO

UNDERSTANDING BIG
DATA
YASH JAGTANI

1ST TIP
Being a Quantitative Person: Quantitative analysts, its really
important for managers to establish a key understanding of these
people. If You have the understanding of the business problem, your
quant has the understanding of how to gather data and analyze it. In
order for this relationship to work, The problem and the numbers have
to be inter-connected very well. the largely non-quantitative side,
needs to convey the problem fully to the quant. Your quant needs to be
understandable to communicate with you in normal business language,
engaging with your issue, and work at it until youre satisfied. The
Quant numbers should give you a reason for the problem.

TIP 2
Understanding Different Types of Data and Their Insinuations:
These days big data and how valuable it can be to your business is a
very popular Topic. But most managers dont really understand the
difference between big and small data, and they use the term big
data without knowledge. How you refer to your data doesnt matter
much, but its important to know about the differences between various
types because they will help in different sections of a business.

TIP 3
Small data: which, despite its name is extremely usefulis data thats of handy size,
thats already in structured form (rows and columns), and that changes relatively
infrequently. This type of data has been used for many years. It is essential for
knowing your customers, understanding your companys financial performance, and
tuning your supply chain.
Big data: is too big to fit on a single server, is mostly unstructured, and fast moving.
Its more likely to be about the world outside your business transactionswhat your
customers and prospects are saying on social media, and how that affects your store.
Big data offers great opportunity, but its often a challenge to structure it in a form
that can be easily analyzed. If you want to pursue it, you may need a data scientist.

TIP 4
Understanding Different Types of Analytics and Their
Implications: For many years, the vast majority of analytics
were descriptivesimple reports or dashboards with numbers
about what happened in the past. Predictive analytics use
statistical models on data about the past to predict the future.
Prescriptive analytics create recommendations for how workers
can make decisions in their jobs. These are still very important,
but there is a new type: automated analytics. These analytical
decisions are made not by humans, but by computers. Many
common analytical decisions, such as those about issuing credit
by banks or insurance policies, are made entirely automatically.
They mean a lot of change in how we organize and manage

TIP 5
Exploring Internal and External Uses of Analytics:Finally,
managers need to be aware of the distinction between internal and
external uses of analytics. Historically, analytics were used almost
exclusively to support internal decisions. Thats still useful, of course,
but now companies are also using data and analytics to create new
products and services. This is a new option for organizations that
managers need to understand and explore.

TIP 6
UNDERSTANDING THE 4 VS OF BIG DATA
Volume - Big data implies enormous volumes of data. It used to be
employees that created data. Now that data is generated by machines,
networks and human interaction on systems like social media the
volume of data to be analyzed is massive.
Variety refers to the many sources and types of data both structured
and unstructured. We used to store data from sources like
spreadsheets and databases. Now data comes in the form of emails,
photos, videos, monitoring devices, PDFs, audio, etc. This variety of
unstructured data creates problems for storage, mining and analyzing
data.

TIP 6
Big Data Velocity deals with the pace at which data flows in from sources like
business processes, machines, networks and human interaction with things
like social media sites, mobile devices, etc. The flow of data is massive and
continuous. This real-time data can help researchers and businesses make
valuable decisions that provide strategic competitive advantages.
Veracity is the issue of validity meaning is the data correct and accurate for
the intended use. Clearly valid data is key to making the right decisions. Phil
Francisco, VP of Product Management from IBM spoke about IBMs big data
strategy and tools they offer to help with data veracity and validity.

TIP 7- MANAGING DATA COPIES

The volume of data grows daily, not because of new data, but rather by
the unchecked proliferation of data copies. But where does the flood of
data copies come from? Multiple copies of data are generated in
separate silos for different purposes such as data backup, disaster
recovery, test, development, analysis, snapshots or migrations.
According to the IDC study, up to 120 copies of specific production data
can circulate within a company, whereby the cost of managing the
flood of data copies, reached 44 billion dollars worldwide.

TIP 8 SOURCE OF DATA

What you need is to know source of data. Maybe all SQL operations are
logged somewhere or maybe you have the facility to pull a sample of
logs from your users. More data sources also allows you to confirm
whether your story is consistent. More data will not give you more
insight. More data sources will.

TIP 9 -WHAT IS HADOOP ?

Hadoop, defined as a open-source framework for processing, storing
and analysing data. The fundamental principle behind Hadoop is
rather than tackling one huge block of data all in one go, it is more
efficient to break up & solve data into many parts, allowing processing
and analysing of different parts simultaneously.

TIP 10 RDBMS SOLUTIONS

MySQL is an open source relational database management system.
Information in a MySQL database is stored in the form of related tables.
MySQL databases are typically used for web application development
(often accessed using PHP).
A MySQL database can be accessed (queried) directly using; C, C++,
Eiffel, Java, Perl, PHP and Python computer languages.
The powers a range of well-known applications like WordPress, phpBB
and Drupal, and is used by Wikipedia, Google, Facebook, Twitter, Flickr
and Youtube.