Everything you need to know about big data

Surely many questions are going through your mind right now: What is Big data? What are its functions? How do I apply it?

But… Don’t worry, in this article you will learn everything you need to know about Big data to be able to apply it in real life and in business.

Let’s get started!

What is Big data?

It is a concept where we refer to large volumes of data that are varied and fast (in fact they are very difficult to capture and process with traditional methods).

Thanks to Platzi’s article, we know that for us to be able to say that something is Big data, the data must comply with the 5v:

VolumeThe storage of the massive amount of data can be collected from multiple sources such as websites, social media, IoT, etc.
VelocityData is generated in real time thanks to interactions with the aforementioned sources, so it must be processed with the same speed.
VarietyAll types of data, whether structured or unstructured, could be tables, text, images, videos, audio, databases, etc.
VeracityIt is the quality and reliability of the data. When arriving from different sources, it becomes complex to clean them to avoid using incorrect values.
ValueThe data must be able to provide value or benefit to the company that is using it.

In this same sense, when there is a large amount of data, structured or unstructured, that is arriving very fast, in real time and is very varied, it is impossible to analyze all the information on a single machine. That is why the information must be split into small parts, among several machines.

From what size is it considered to be working with Big Data?

The truth is that it is not something that is fully defined. Some people in the industry say it can vary from 30 Terabytes (TB) to several Pentabytes (PB).

It is possible to do analytics or Data Science without using Big Data, in fact, it is the most common. Also, the term Big data has been used by many companies since it became popular for marketing, but it is not really used.

Hasn’t it ever happened to you that you are browsing social networks and you get an advertisement for a product you’ve been wanting to buy? It sounds creepy and maybe we feel spied on, but the truth is that this is possible thanks to Big data and the capture of a large amount of data by a company.

How big data works

The simplest explanation is that, if you have a lot of information that cannot be processed in a single computer or server, it is divided into several chunks (smaller pieces of information) and then sent to many smaller machines.

In this way, each node is in charge of solving only its corresponding part and then the information from all the nodes is joined again and a single unified output (result) is launched. All these nodes work and are connected in parallel and are known as clusters.

What is Big data for?

Big Data is very useful, both for companies and for improving people’s quality of life. That is why it helps to understand problems, give them a solution and even predict what could happen in the future (in alternative scenarios).

The importance is not in the amount of data we may have, but in what can be done with it. By mixing Big Data with Data Science, predictive analytics (predicting the future, or at least its probability) can be done.

After all that you have seen, Big Data can be summarized in a series of benefits for companies:

Significant cost reduction, better decision making based on real-time data, increased profits, reduced time, customized services and much more.

With our flagship product, LISA Claims, it is possible to achieve all of the above. This, with the purpose of revolutionizing the insurance industry and making the insurance industry, a more innovative sector 😎.

Want to know more about Big Data? Don’t miss our next article! 💜

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