Abstract

In the information era, enormous amounts of data have become available on hand to decision
makers. Big data refers to datasets that are not only big, but also high in variety and velocity,
which makes them difficult to handle using traditional tools and techniques. Due to the rapid
growth of such data, solutions need to be studied and provided in order to handle and extract
value and knowledge from these datasets. Furthermore, decision makers need to be able to
gain valuable insights from such varied and rapidly changing data, ranging from daily
transactions to customer interactions and social network da ta. Such value can be provided
using big data analytics, which is the application of advanced analytics techniques on big
data. This paper aims to analyse some of the different analytics methods and tools which can
be applied to big data, as well as the opportunities provided by the application of big data
analytics in various decision domains.

KEYWORD
Big data, big data analytics, data mining, Machine Learning, Business Intelligence, Data
Governance, Decision-Making

INTRODUCTION
Imagine a world without data storage; a place where every detail about a person or
organization, every transaction performed, or every aspect which can be documented is lost
directly after use. Organizations would thus lose the ability to extract valuable information
and knowledge, perform detailed analyses, as well as provide new opportunities and
advantages. Anything ranging from customer names and addresses, to products available, to
purchases made, to employees hired, etc. has become essential for day-to-day continuity.
Data is the building block upon which any organization thrives. Now think of the extent of
details and the surge of data and information provided nowadays through the advancements
in technologies and the internet. With the increase in storage capabilities and methods of data
collection, huge amounts of data have become easily available. Every second, more and more
data are being created and needs to be stored and analysed in order to extract value.
Furthermore, data has become cheaper to store, so organizations need to get as much value as
possible from the huge amounts of stored data. The size, variety, and rapid change of such
data require a new type of big data analytics, as well as different storage and analysis
methods. Such sheer amounts of big data need to be properly analysed, and pertaining
information should be extracted.
Defining Big Data Analytics
When does analytics become big data analytics? The size that constitutes “big” data has
grown according to Moore’s Law. In 1975 attendees of the first VLDB (Very Large
Databases) conference worried about handling the millions of data points found in U.S census
information(Fisher et al., 2012). In the context of information visualization, Singh,describes a
dataset as big when it’s too big to fit on a screen—at one item per pixel, most desktops would
stop at a few million data points today ( Singh & Reddy, 2015).
Big data sizes are constantly increasing, currently ranging from a few dozen tera bytes (TB)
to many petabytes (PB) of data in a single data set. Consequently, some of the difficulties
related to big data include capture, storage, search, sharing, analytics, and visualizing. Today,
enterprises are exploring large volumes of highly detailed data so as to discover facts they
didn’t know before. Hence, big data analytics is where advanced analytic techniques are
applied on big data sets. Analytics based on large data samples reveals and leverages business
change. However, the larger the set of data, the more difficult it becomes to
manage(Rajaraman, 2016).
Types of Big Data
Big data can be broadly classified into the following types based on its format and origin
1. Structured Data
Organized data stored in rows and columns, making it easy to search and analyse.
Examples: Database records, spreadsheets, transactional data (e.g., sales records).
2. Semi-Structured Data
Partially organized data that does not fit into traditional relational databases but still contains
tags or markers for easy parsing. Examples: JSON files, XML files, log files, email messages.
3. Unstructured Data
Data without a predefined format, requiring advanced analytics to process.
Examples: Social media posts, videos, images, audio recordings, documents.

Characteristics of Big Data

Big data is data whose scale, distribution, diversity, and/or timeliness require the use of new
technical architectures, analytics, and tools in order to enable insights that unlock new
sources of business value.
Three main features characterize big data: volume, variety, and velocity.
1. Volume: refers to the large size of the datasets. It is fact that Internet of Things (IoT)
through the development and increase of connected smartphones, sensors and other
devices, in combination with the rapidly developing Information and Communication
Technologies (ICTs) including Artificial Intelligence (AI) have contributed to the
tremendous generation of data (counting records, transactions, tables, files etc.). The
speed of data is surpassing Moore’s law and the volume of data generation introduced
new measures for data storage i.e. exabytes, zettabytes and yottabytes.
2. Variety: represents the increasing diversity of data generation sources and data
formats. Web 3.0 leads to growth of web and social media networks leading to the
 generation of different types of data. From messages, updates, photos and videos that
are posted in social media networks like Facebook or Twitter, SMS, GPS.
3. Velocity: Big data is characterized by the high speed of data generation. Data
generated by connected devices and web arriving in enterprises in real-time. This
speed is extremely significant for enterprises in taking various actions that enable
them to be more agile, gaining competitive advantage against competitors. Despite the
fact that some enterprises have already exploited big data (click-streams data) to offer
their customers purchase recommendations, nowadays enterprises though big data
analytics have the ability to analyse and understand data taking actions in real-time.
Big Data Analytics
The analysis of large data-sets in enterprises, the term of big data analytics is associated
with data science, business intelligence and business analytics. Data science is defined as
a collection of fundamental principles that promotes taking information and knowledge
from data(Vassakis et al., 2018). Over the last years, data-driven approaches like Business
Intelligence (BI) and Business Analytics are characterized indispensable to operating
enterprises.
1. Descriptive analytics, based on historical and current data, is a significant source of
insights about what happened in the past and the correlations between various
determinants identifying patterns using statistical measures like mean, range and
standard deviation. Descriptive analytics using techniques like online analytical
processing (OLAP) exploits knowledge from the past experience to provide answers
in what’s happening in the organizations. Common examples of descriptive analytics
include data visualization, dashboards, reports, charts and graphs presenting key
metrics of enterprises including sales, orders, customers, financial performance.
2. Diagnostic analytics, based also in historical data provide insights about the root-
cause of some outcomes of the past. Thus, organizations can take better decisions
avoiding errors and negative results of the past.
3. Predictive analytics is about forecasting and providing an estimation for the
probability of a future result, defining opportunities or risks in the future. Using
various techniques including data mining, data modelling and machine learning, the
implementation of predictive analytics is significant for any organization’s segment.
Predictive analytics in the digital era is a significant weapon for organizations in the
competitive race. Therefore, organizations exploiting predictive analytics can identify
future trends and patterns, presenting innovative products/services and innovations in
their business models. Prescriptive analytics provide a forecasting of the impact of
future actions before they are taken, answering “what might happen” as outcome of
the organization’s actions. Therefore, the decision-making is improved taking under
consideration the prediction of future outcomes(Vassakis et al., 2018).
4. Prescriptive analytics using high level modelling tools is able to contribute
remarkably to the performance and efficiency of organizations, through smarter and
faster decision with lower cost and risk and identifying optimal solutions for resource
allocation(Fisher et al., 2012)
Big Data Analytics Applications
Nowadays, as the growing generation of available data is a recognized trend across
enterprises, countries and market segments, the majority of enterprises regardless industry is
collecting, storing and analysing data in order to capture value. Digital economy through the
tremendous use of internet and digital services has transformed almost all the industry
sectors, including agriculture and manufacturing, to more service-centered(Vassakis et al.,
2018). There are many and different sectors, like e-commerce, politics, science & technology,
health, government services etc., where big data analytics are applied. Data-driven companies
from various industries clarify the power of big data, making more accurate predictions
leading on better decisions(Singh & Reddy, 2015)
Healthcare
Big Data Analytics has transformed healthcare by enabling personalized medicine, improving
diagnostics, and optimizing hospital operations. In predictive modelling, machine learning
algorithms help predict patient outcomes, allowing for proactive treatments and reduced
readmission rates(Fisher et al., 2012). For example, by analysing electronic health records
(EHRs), healthcare providers can personalize treatment plans and improve patient care.
Finance
In the finance industry, Big Data Analytics is used to detect fraud, assess credit risks, and
optimize investment strategies. Banks and financial institutions leverage real-time analytics
to detect unusual patterns and prevent fraud before it happens. Additionally, by analysing
customer transaction data, financial institutions can develop personalized marketing strategies
and optimize customer experience(Tsai et al., 2015).
Marketing and Retail
Retailers use Big Data Analytics to understand customer preferences, predict purchasing
behaviours, and create targeted marketing campaigns. Companies like Amazon and Walmart
analyse customer data to optimize inventory management and recommend products,
ultimately improving customer satisfaction and increasing revenue(Kambatla et al., 2014).
Big Data Analytics Challenges and Barriers
The major challenges in adopting big data analytics from enterprises are more managerial and
cultural than associated with data and technology, while the main barriers are the lack of
comprehension of how to utilize big data analytics to enhance the business and the lack of
management spectrum from competing priorities(Kambatla et al., 2014). Studies among
different industry sectors indicate that organizations use less than half of their structured data
in decision making process, while less than 1% of their unstructured data is analysed or
exploited, 70% of employees have access to data they should not and 80% of analysts’ time is
to discover and prepare data(Big Data Analytics, n.d.)
Conclusions
The growth of Internet with the beginning of Web 2.0 era enabled companies getting access
to big amounts of data easier and cheaper, while the opportunities for external data collection
have even increased with the appearance of the Web 3.0. Enterprises and organizations from
all sectors began to focus on data exploitation for gaining competitive advantage. Nowadays,
the big data era has quietly settled down on almost every company, because they realized that
data-driven decisions tend to be better and more accurate decisions. However, that many
companies in several industries are applying business analytics including big data analytics, it
doesn’t mean that they all take benefit from it by getting valuable insights and real business
value from the available data. Big data is not just about data volume, but also about variety
and velocity. Big data analytics have the ability to help enterprises understanding their
business environments, their customers’ behaviour and needs and their competitors’
activities. Thanks to big data analytics enterprises are able to form their products and actions
in order to fulfil customers’ needs and innovate against rivals through better predictions and
smarter decisions on basis of evidence instead of intuition. Organizations that achieve to
manage the challenges and adopt a data-driven culture, they can expect good prospects. There
is strong evidence that business performance can be improved via data-driven decision
making, big data technologies analytical tools and techniques on big data.
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