Before knowing the relation between big data and advance analytics let us look at both i.e. big data and advance analytics.
Recent research by analyst firm International Data Corp. (IDC) reported that the global amount of digital data will grow from 130 Exabyte’s to 40,000 Exabyte’s by 2020. The old data processing technologies like RDBMS are simply not capable to process data in such a large amount; so, a new trend came “Big Data”. In simple words big data is a collection of huge amount of data coming from different sources.
Then, what is advanced analytics?
Advanced analytics is a grouping of different analytic tools used to predict the future outcomes. Predictive analytics, data mining, big data analytics and location intelligence are just some of the analytic category that falls under the banner of advanced analytics. Advanced analytics is widely used in industries including marketing, healthcare, risk management, support and economics. In other words, it is used in almost all sectors where the analysis of data is needed. For this purpose, we need a team of experienced statistician, analytics tools and data visualization to perform and give results.
Big data is plenty big, and it’s going bigger. There is no use of any data when we don’t get any relevant information from them. Big data is a huge collection of structured / semi-structured/ unstructured data type. By using advance analytics, companies figuring out how to turn that data into values for different purpose like marketing, sales, etc. Without advance analytics it is impossible to deal with big data. Companies also know this fact so they focus equally on both the side.
According to a report by BMO Capital Markets report $50 billion are spending by the marketers on big data and advanced analytics. Big data and advanced analytics can transform your business. The point is – it may not be worth using any single of them to get result because advanced analytics is the key to reveal the secret of big data.
Big data can help you out when you have ability to ask right business questions. The tool by which you will search and find the answer of that business question in big data is called advanced analytics.
Advanced analytics can include a lot of mathematical calculations and application of business knowledge on the historical data and based on that try to predict the possible future outcome – more accurately. Advanced analytics techniques allow us to design precise model of real surroundings around us. These models help you to take better decision making.
To summarize, advanced analytics is the process of analysing a large data sets containing different variety of data types i.e. Big Data to reveal useful information, to uncover hidden patterns, market trends, future outcomes predictions and other useful business solutions. So, we can say it all in one line – ”Big Data and Advanced Analytics are made for each other”.