Question

(2) What is fundamental difference between big data analytics and traditional statistical analysis? What actions should we take to tackle the mistakes we may have from big data?

Answer 1

Big data is the big volume of data that comes in different types. It can be structured, semi-structured and unstructured. ..Big Data Analytics is a type of analytics executed upon Big Data. Descriptive statistics, Statistical modeling, Machine learning and even Data visualization can all be considered as Big Data Analytics as long as the analytics is performed on big data.. While statistical or data analysis refers to the process of compiling and analysing data to support decision making.

The problem is that many companies today are collecting and managing big data with little to no forethought. And just as planning is key to any strategic business project, forethought is of utmost importance when dealing with big data. All the elements of the process must be purposeful and aligned closely with business goals.

So, what's the right way? You have to start with a strategic business question and then acquire the data needed to answer that question. Only then can you quickly start visualizing your business, performing business discovery and delivering actionable intelligence.