Big Data Analytics – the next human leap

Since the past few centuries, there have been initiatives taken to come up with methods to predict human behavior. The current initiative is an effort to understand the world using ‘Big Data.’ Efforts have been made to assess behavior based on models developed on human nature. The basic understanding of big data involves gathering huge amount of data, observe the patterns emerging from it and estimate how things or people in this case will act out in the future.

Viktor Mayer-Schönberger and Kenneth Cukier clearly define in their book ‘Big Data’ that big data is a movement from causation to correlation. The people who happen to use big data are not psychologists or novelists, who apply the intuitive perspectives to explain the causal chain of happening of events. Many of them are analysts, statisticians and mathematicians that apply these techniques to loads of amounts of data in database to ascertain valuable information. Popular ecommerce companies like Wallmart use it for assessing the sales trend and inventory management outlook. A number of doctors in big hospitals use it for clinical trials to undertake the diagnosis of certain diseases in an anteceding manner.

Correlation is the key attribute of Big Data, which holds a great importance in developing perceptions about a certain process or service. Big Data helps in discerning meaningful correlations from meaningless ones by relying on certain causal hypothesis. Thus, Big Data Analytics helps in drafting a clear picture of what leads to what and what happens eventually.
Like beings ruled by instinct, we are discontinuous most of the times. Hence, the data collected may be ambiguous and full of outliers. Past mistakes help us to learn or mislearn. Hence, unpredictability is shelved with us and to understand about it, one needs predictive modeling – a service offered by Big Data Analytics.

Big Data has attained fame because it is able to store different types of information. The diversity allows analytics of data considering different views and dimensions. Hence, the concept is said to be broadly applied in the investment industry where huge amounts of data needs to be analyzed and patterns need to be deduced to assess the upcoming tick price for individual financial instruments (like Stocks).

Not only is Big Data Analytics limited to the finance industry, but also it finds its use in the corporate world. Decisions regarding production line and sales strategy involve studying of different reports. Big Data Analytics provides feasible reports that cover different realms of the organization and help in taking better decisions. Thus, with great potential of applications in different sectors, Big Data Analytics is said to be the next big human leap.

For More Information Join My LinkedIn Network

Connect with us: