Collecting data is the very first and very crucial step of any AI/ML model and hence can be equally challenging. We at OXO Solutions® help you gather the exact type of data that your project requires.
We also provide data cleaning, data processing, and data manipulation-related services.
What is Big Data ?
Big data is a term that refers to large volumes of data. This includes both structured and unstructured data that overwhelms the businesses on daily basis. But it is not the size of the data that matters. The analysis of big data can be done for insights eventually leading to better decisions and strategic business moves.
Big data is large, complex, or fast and it is extremely difficult to process data using traditional methods. The process of accessing and storing huge amounts of information for analytics has been around for quite a long time. However, the process secured popularity in the early 2000s when industry analyst Doug Laney framed the new mainstream definition of big data as the three V's:
Volume: Companies gather data from distinct sources including smart (IoT) devices, videos, business transactions, industrial equipment, social media, and more. Traditionally storing data was a tough task, still, the burden of data storage was eased by platforms like Hadoop and Data Lakes.
Velocity: An unprecedented growth has taken place in the Internet of Things, data streams into businesses, so there is a need to handle things in a timely manner. These torrents of data can be dealt with in near-real-time with the help of RFID tags, sensors, and smart meters.
Variety: Data is available in different types of formats including numeric data in traditional databases, structured data, unstructured emails, text documents, audios, videos, stock ticker data, and financial transactions.
Variability: Besides varieties of data and increasing data, the data flows are uncertain, changing frequently and fluctuating greatly. It is challenging, but companies are requisite to know when something is trending on social media and ways to handle daily, seasonal, and event-triggering peak data loads.
Sectors using Big Data Solutions:
Data analytics has become indispensable for agriculture and it is equally important for them to predict the weather and gain maximum productivity as growing vital crops to feed the increasing population.
Data has always been crucial for the medical fraternity seeking to find out from the analysis of a large number of data points collected from many patients, to understand how much sugar one should consume or what blood pressure range is normal. Also the healthcare industry is using data analytics to answer the bigger and more complex questions.
Real Estate and Property Management
Real estate companies are taking advantage of big data for better understanding of their customers and markets, better property analysis and trend analysis. In the same way, property management firms utilize data gathered from their building systems to optimize performance, streamline maintenance processes and surface areas of concern.