Data is data and at its most basic level, it is merely lines of code. However, we continue to become more and more connected each day, with 40% of the world’s population online and 1.75 billion of us using smart phones every day. Those in the business world as well as in the public sector are striving to determine how best to utilize Big Data, and by extension Big Data Analytics, to improve efficiency and mitigate cost.
During a recent FedScoop webcast, Dr. Michael Valivullah – Chief Technology Officer, National Agricultural Statistics Service (NASS), U.S. Department of Agriculture (USDA) – explained that Big Data Analytics and applying them effectively is critical. Dr. Valivullah also shared that Big Data Analytics have the potential to increase operational efficiency, profits and cost savings which adds value overall. He predicted that by 2025 the possible benefit per year would be a cost savings of 3.9 to 11.1 trillion U.S. dollars.
Having the potential to impact all levels of business and commerce, it is paramount that we understand Big Data and Big Data Analytics. By definition, Big Data is data that exceeds the typical working parameters for traditional data in regard to volume, variety, velocity and variability. These variations require a “scalable architecture for efficient storage, manipulation and analysis.”
To that end, the panelists also explained that there are four different types of Big Data Analytics:
• Descriptive – What is this about?
• Diagnostic – What is wrong?
• Prescriptive – How to fix it?
• Predictive – The “crystal ball”
It’s no secret that today’s technological advances are enabling a better government for tomorrow. Rajive Mathur – Director, Office of Online Services, Internal Revenue Service (IRS) – ended the webcast with examples of the many ways IRS is utilizing data to enable agency mission each day. He explained that at IRS, “(I)t’s not about Big Data … it’s about Smart Data.”
Want to understand how agencies can take the next step in their Big Data evolution? Learn about Software AG’s Apama Streaming Analytics software that can filter, aggregate, and analyze a high throughput of data from multiple disparate live data sources and in any data format to identify simple and complex patterns to help agencies visualize real-time needs, detect urgent situations, and automate immediate actions.