Can we see additional value in linking and exploiting big data for business and societal benefit?
If we bring together numerous data sources to provide a single reference point then we start to derive new value.
Until then, we simply risk creating new data silos.
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What is Big Data ?
1. What is Big Data?
Rajendra Akerkar
rak@vestforsk.no
Presented at Université Jean Monnet – Université de Lyon France, June 10, 2013
2. www.vestforsk.no
Hype around Big Data
Today, the difference between success and failure is the ability to monetize a
new class of data. It’s ironic that, despite billions of dollars spent on business
intelligence systems, we are still data‐bankrupt.
– Roman Stanek, Founder and CEO of Good Data
8. www.vestforsk.no
Fallacy!
Data does provide information
Big Data Big Insight
Information must be:
Interpretable
Relevant
Novel
The insight we can derive is a tiny fraction of data, we need
to collect even more data and use more powerful analytics
to increase the likelihood of finding it.
18. www.vestforsk.no
Definition(s) of “big data”
Big Data is a term encompassing the use of
techniques to capture, process, analyse and
visualize potentially large datasets in a
reasonable timeframe not accessible to
standard IT technologies.
By extension, the platform, tools and
software used for this purpose are collectively
called ‘Big Data technologies’
(Networked European Software and Service Initiative, 2012).
21. www.vestforsk.no
3 Vs
For Volume
How to convert massive amounts of data into information,
meaning, and insight useful for human decision‐making.
For dealing with Variety
Use experience in using ontologies, domain models, or
vocabularies, to support semantic interoperability and
integration
For Velocity
How to use dynamically created models of new objects,
concepts, and relationships and uses them to better
understand new clues in the data that capture rapidly
evolving events and situations.
24. www.vestforsk.no
Is it actionable ?
The first three Vs are just measures of data
— how much, how fast, and how diverse?
NOT an actionable, complete definition
Definition of big data must concede that:
Exponential data growth makes it continuously difficult to
manage — store, process, and access.
Data contains non‐obvious information that companies can
discover to enhance business outcomes.
Measures of data are relative; one company’s big data is
another company’s peanut.
31. www.vestforsk.no
Big Data analytics – the need for new approach
Scalablility
No
Yes
Ingest high
Volumes of data
(all available data) no
Yes
Sampling of data Yes
NO
Variety of data
(structured, semistructured,
unstructured)
No
Simultaneous data
and query
processing
No
Faster access to
all relevant
information
No
Analyze data at
high rates(GB/sec No
Accuracy in
anlytical models
Competitive Advantage
Challenges
Traditional New
approach approach
The questions that are answered
What’s the best that can happen?
Optimization
What will happen next?
What if these trends continue?
Why is this happening?
Alerts
Predictive
Analysis
Forecasting
Statistical
Analysis
What actions are needed?
Yes
Query
Drilldown
Adhoc
reports
Yes
Std
reports
Yes
Do You have opportunity or a problem?
How many, how often,, where?
What happened?
Degree of Intelligence
Yes
Taking unstructured data into account
No
Yes