Meaning of Big Data
Big data is a blanket term for
any collection of data sets so large and complex that it becomes difficult to
process using on-hand database management tools or traditional data processing
applications. The challenges include capture, storage, search, sharing,
transfer, analysis and visualization. The trend to larger data sets is due to
the additional information derivable from analysis of a single large set of
related data, as compared to separate smaller sets with the same total amount
of data, allowing correlations to be
found to "spot business trends, determine quality of research, prevent
diseases, link legal citations, combat crime, and determine real-time roadway
traffic conditions”. In today’s world Data are being captured every second
by corporates, mobile and internet service providers, and many more. These data
are captured to give you a perfect experience of life.
Real Life Examples
The data of your net searched are
shared by search engines with e commerce website to give relevant products
online when you log in, you get best deals of hotels in the area for which you
have just booked tickets online and also suggest places to visit when you reach
the said place for vacation or work. All these are possible with the boom in e
commerce and all your preferences are shown in respective site not automatically
but by Big data analyses being done around the world, either linked with your IP,
your login credentials of google, yahoo, make my trip, others. These search are
also supported when you install add on, to which you allow to download or upload
cookies.
Another example of maintaining database can be
explained when you go to your favourite retail outlet and you are asked your
mobile number to add your loyalty card although you forget to carry the loyalty
card and then next question you are asked about your last purchase and feedback
on same.
These are real life examples of
data mining of millions and billions of rows and column maintained in table
form or in various tables maintained in ER relationship (technical term for
having unique identification number like Mobile number/loyalty card number in
one table and different traits relating to it in another and then linking the
same while analysing).
Opportunity for CA
For most organizations, big data
analysis is a challenge. Consider the sheer volume of data and the many
different formats of the data (both structured and unstructured data) collected
across the entire organization and the many different ways different types of
data can be combined, contrasted and analysed to find patterns and other useful
information. CA’s are always proud to reflect the billions of transaction
entered by company during a year into two sheets of balance sheet and statement
of profit and loss account. The interpretational skill of CA is very useful
when analysing such huge data and with help of computers and artificial
intelligence it’s a matter of millisecond. A CA plays a vital role as a domain expert to
inform the ways in which these data are to be captured, reflected and as a data
analyst himself.
Supply chain management
Big data provides an
infrastructure for transparency in supply chain industry, which is the ability
to unravel uncertainties such as inconsistent availability and distribution
system breakdown. Predictive supply as an applicable approach toward near-zero
downtime and transparency requires vast amount of data and advanced prediction
tools for a systematic process of data into useful information. The success of
E commerce sites providing minimal delivery time is proper analyses of sales
and predicting future sale. CA’s can play an important role in same by
analysing the data and linking the demography with traits and taste of people
from different region thus boosting sale.
Retail Industry
In retail just imagine the number
of invoice generated every minute in a Big Hypermarket store with average bill
size comparatively small and if the company has hundreds of such store. Just
imagine if this data is linked with customer Loyalty details and points
calculations which are to be checked as a CA. This could have been possible in
past with Excel, but with the size of data of present days it could only be
analysed with data analysing tool or customised tool supported with SQL or
other such data management software. A CA can play an important role in
deriving sensible reports from these data and it is not a one day affair as
information requirement from marketing and sales is ever revolving with time therefore
it could not be a one-time recruitment.
Social Media
We should imagine the number of
post and pics uploaded on Facebook everyday by all its users and the volume of
data Facebook stores along with your personal details. Corporate houses are
using Social networks, online search engine data, cookies and various external
and internal sources to capture data and understand customer preference and
trends. It is an important mode of market research for many companies and as
the smart phone is accepted by mass at large these medium would play an important
role in coming days. In social media and online CA’s get another interesting area
to work in.
Conclusion
BIG 4 are giving service in this
area which shows the future of the sector and opportunity for CA’s and it is
meant for young brigade who are technology friendly and understand the
requirement of clients. The first mover advantage is still available as Big
data concept is new in India. Internationally Big Data Research and Development
Initiative was announce by The White house in March 2012.
There are institutes offering
courses on data analytics and with our knowledge of CA we should take the
plunge in it. We all now understand the future of Big data, it opens venues for
many professionals like data analytics and opportunities for CA’s so go and
grab it.
Best Regards
Vivek Agarwal
