Question

BIG DATA"

What is it, it's value, the trends, the downside, IoT impact, etc.

How does it apply to what you read about Databases?

How is will this "Conversation Interface" technology be part of Big Data? Explain

Answer 1

With a lot of data coming into an organization, storing it in proper shape is what is done in the vast databases. However, the analysis of this data and visualizing it in real time is the real differentiator. In order to understand the happenings within an organization, more and more companies want these real time insights which comes through the Big Data Analytics.

The value derived can be summarized as follows:

Any error occurring within the operations of the firm is immediately identified. This helps companies to react instantly and mitigate the impact.

Competition strategies are immediately identified and this enables the firm to stay ahead of the curve when it comes to dealing with competition.

Since bottlenecks and issues are identified, the overall service delivery improves, thereby leading to better conversion in sales and hence higher revenue.

Any fraudulent activity is immediately identified and steps can be taken to limit the damage caused. The IT space is filled with criminal activities, real time spotting of mischievous activities would be of great help.

With positive impact on Revenue, the costs would also be lowered in the long run. The initial setup of the Big Data tool would be expensive but eventually the savings would be immense.

Staying in touch with customer trends. All activities or interests from the consumer perspective will be available with the tactics of the competitors when it comes to offerings or promotions. This helps is faster decision making with respect to offerings to a customer.

However, this additionally comes with some challenges or downside.

The requirement of special computing power. Advanced tools are capable of processing the data at the speed which we are referring to. This certainly comes at a hefty one-time cost.

Additionally, it requires the organization to adapt to this fast pace and would require the workforce to work in a manner different from how it operated earlier. This would require some behavioral changes from the employees who at some occasions are resistant to change. This will indeed have an impact on the culture of the firm.

When it comes to Big Data, the computing power enables analysis of vast databases in a flash of a time. This is in stark contrast to the regular stacks of databases which would be analyzed in the past at a much slower rate and with human interaction at many junctures. This is the advancement in technology and the new age computing power.

A conversational interface provides the privilege of interacting with a computer on human terms and language. It allows the user to tell the computer what needs to be done and is more social in a way. It makes use of this big data analytics and converses with humans based on the analysis it has carried out. The conversation interface could be either voice assistants or chatbots that allow you to type.