Page 25 - Banking Finance August 2022

COVER STORY

BIG DATA IN

TODAY’S ERA

he year 2021 was out of the ordinary as global especially in artificial intelligence and machine learning. Big
T businesses struggled to keep afloat amid the data refers to any large and complex collection of data.
pandemic. This unusual situation accelerated
digitization globally, which led to a surge in
“digital data.” As human interaction with technology grows What is big data?
Data is so important these days. Big Data is a collection of
by the day, the amount of data that is generated on a
data that is huge in volume, yet growing exponentially with
routine basis is immeasurable. This data is found in the raw
time. Data is so large in size and complexity that none of
form and is of immense value to business and research. Over
the traditional data management tools can store it or
the past decade, business intelligence has been
process it efficiently. As the name suggests, big data simply
revolutionized. Data exploded and became big. Today, its
refers to extremely large data sets. This size, combined with
importance to the world of business and commerce is well
the complexity and evolving nature of these data sets, has
established, and there are many routes, including online
enabled them to surpass the capabilities of traditional data
courses and on-the-job trainings also.
management tools. This way, data warehouses and data
lakes have emerged as the go-to solutions to handle big data,
In this field, we see fast evolutions and new advances,
far surpassing the power of traditional databases.
Some data sets that we can consider truly big
About the author
data include:
Navita Sharma Stock market data
Deputy Manager
Social media
(Library and Information Services)
State Bank Academy, Gurugram
Sporting events and games
BANKING FINANCE | AUGUST | 2022 | 25