Page 27 - Banking Finance August 2022

ARTICLE

somewhere between structured data and unstructured most critical aspects of big data is its impact on how decisions
data. It mostly translates to unstructured data that has are made and who gets to make them. When data are
metadata (data about data) attached to it. Semi-structured scarce, expensive to obtain, or not available in digital form,
data can be inherited such as location, time, email address, it makes sense to let wellplaced people make decisions,
or device ID stamp. It can even be a semantic tag attached which they do on the basis of experience. Now with big data,
to the data later. decisions are based on facts and they’ve built up on patterns
and relationships they’ve observed and internalized. People
Why Is Big Data Important? state their opinions about what the future holds— what’s
going to happen, how well something will work, and so on—
The importance of big data doesn’t simply revolve around
and then plan accordingly.
how much data you have. The value lies in how you use it.
By taking data from any source and analyzing it, you can
How is big data used?
find answers that
streamline resource management, The diversity of big data makes it inherently complex,
improve operational efficiencies, resulting in the need for systems capable of processing its
various structural and semantic differences.
optimize product development,
drive new revenue and growth opportunities and
Big data requires specialized NoSQL databases that can
enable smart decision making. store the data in a way that doesn't require strict adherence
to a particular model. This provides the flexibility needed to
When you combine big data with high performance cohesively analyze seemingly disparate sources of
analytics, you can accomplish business related tasks such as: information to gain a holistic view of what is happening, how
Determining root causes of failures, issues and defects to act and when to act.
in near-real time.
Spotting anomalies faster and more accurately than the When aggregating, processing and analyzing big data, it is
human eye. often classified as either operational or analytical data and
Improving patient outcomes by rapidly converting stored accordingly.
medical image data into insights.
Operational systems serve large batches of data across
Recalculating entire risk portfolios in minutes.
multiple servers and include such input as inventory,
Sharpening deep learning models' ability to accurately
customer data and purchases — the day-to-day information
classify and react to changing variables.
within an organization.
Detecting fraudulent behavior before it affects your
organization.

Big Data in Today’s Era
Big data and the way organizations manage and derive
insight from it – is changing the way the world uses business
information .A multitude of “things” generate floods of big
data, learn about the three foundations of becoming data-
driven : data management, analytics and visualization and
how they can increase profitability, boost performance,
raise market share and improve operations.

A New Culture of Decision Making
The technical challenges of using big data are very real. But
the managerial challenges are even greater. One of the

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