FINANCIAL SCIENCES (AAMBFS) HTTPS://AAMBFSYE.ORG/EN/ What is Big Data? Big data primarily refers to data sets that are too large or complex to be dealt with by traditional data-processing application software. Data with many entries (rows) offer greater statistical power, while data with higher complexity (more attributes or columns) may lead to a higher false discovery rate.[2]
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FINANCIAL SCIENCES (AAMBFS) 3 HTTPS://AAMBFSYE.ORG/EN/ Importance of Big Data 1. Uncovering Hidden Insights and Patterns: Traditional data analysis methods often fall short when dealing with massive datasets. 2. Improved Efficiency and Productivity: By analyzing vast amounts of data related to operations, customer behavior, and resource utilization, organizations can identify areas for improvement and streamline processes. 3. Personalized Experiences and Targeted Marketing: Businesses can leverage big data to gain deeper insights into individual customer preferences and behaviors.
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FINANCIAL SCIENCES (AAMBFS) 4 HTTPS://AAMBFSYE.ORG/EN/ Importance of Big Data 4. Enhanced Risk Management and Fraud Detection: Analyzing large datasets of financial transactions, security logs, and other relevant data can help identify anomalies and suspicious patterns that 5. Scientific Discovery and Research: Big data is revolutionizing scientific research by enabling researchers to analyze massive datasets from various sources like genomics, astronomy, and climate science. might indicate fraud, security breaches, or other potential risks.
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FINANCIAL SCIENCES (AAMBFS) 5 HTTPS://AAMBFSYE.ORG/EN/ How do Big Data work?
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FINANCIAL SCIENCES (AAMBFS) 6 HTTPS://AAMBFSYE.ORG/EN/ How do Big Data work? 1. Data Collection: Data comes from various sources like sensors, social media, financial transactions, web logs, and scientific experiments. Structured, semi-structured, and unstructured data formats need to be captured and stored efficiently. 2. Data Storage: Traditional databases struggle with big data volume and variety. Distributed File Systems (DFS) and NoSQL databases like Cassandra and MongoDB handle large datasets efficiently.
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FINANCIAL SCIENCES (AAMBFS) 7 HTTPS://AAMBFSYE.ORG/EN/ How do Big Data work? 3. Data Processing: Traditional data processing tools are slow and inefficient for big data. Hadoop, a distributed processing framework, breaks down tasks into smaller chunks and processes them across multiple machines simultaneously. Spark, another framework, offers faster processing for real-time analytics. 4. Data Analysis: Tools like Apache Pig and Hive enable analyzing large datasets using structured query language (SQL). Machine learning algorithms and predictive analytics tools extract meaningful patterns and insights from the data. 5. Visualization: Data visualization tools like Tableau and Power BI present complex data insights in clear and understandable formats.
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FINANCIAL SCIENCES (AAMBFS) 8 HTTPS://AAMBFSYE.ORG/EN/ THE ARAB ACADEMY FOR MANAGEMENT, BANKING AND FINANCIAL SCIENCES (AAMBFS) 9 HTTPS://AAMBFSYE.ORG/EN/ Types of Big Data 1. Structured data: This is the most common type of data, and it is organized in a fixed and predefined format. It can be easily queried and analyzed using traditional database techniques. Examples: Customer records, financial transactions, sensor data, log files. 2. Unstructured data: This data does not have a fixed format and is difficult to process using traditional methods. It includes text, images, videos, audio, and social media data. Examples: Email, social media posts, documents, images, videos, sensor data.
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FINANCIAL SCIENCES (AAMBFS) 10 HTTPS://AAMBFSYE.ORG/EN/ Types of Big Data 3. Semi-structured data: This data has some structure, but it is not as rigid as structured data. It often includes tags or markers that provide some context, but it does not fit neatly into rows and columns. Examples: JSON, XML, log files, web pages. Metadata: This data provides information about other data. It can be used to describe the origin, format, and content of other data sets. Examples: Tags, timestamps, geolocation data, sensor readings.
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FINANCIAL SCIENCES (AAMBFS) 11 HTTPS://AAMBFSYE.ORG/EN/ Types of Big Data 5. Real-time data: This data is generated continuously and needs to be processed and analyzed in real time. It includes data from sensors, social media, and financial markets. Examples: Stock prices, sensor readings, social media activity, traffic data.
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FINANCIAL SCIENCES (AAMBFS) 12 HTTPS://AAMBFSYE.ORG/EN/ Examples of uses of Cloud computing Healthcare: Predicting patient readmissions: Hospitals analyze patient data to identify high-risk individuals for readmission after discharge, allowing for preventive measures and personalized care plans. Developing personalized medicine: By analyzing genetic and health data from large populations, researchers can develop targeted treatments and therapies for specific patient groups.
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FINANCIAL SCIENCES (AAMBFS) 13 HTTPS://AAMBFSYE.ORG/EN/ Examples of uses of Cloud computing Retail: Demand forecasting and inventory management: Retailers use customer purchase data to predict future demand and optimize inventory levels, minimizing stockouts and overstocking. Personalized recommendations: Analyzing customer preferences and purchase history allows retailers to offer personalized product recommendations, improving customer satisfaction and sales.
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FINANCIAL SCIENCES (AAMBFS) 14 HTTPS://AAMBFSYE.ORG/EN/ Examples of uses of Cloud computing Finance: Fraud detection: Financial institutions analyze transaction data to identify suspicious activity and prevent fraudulent transactions in real- time. Credit risk assessment: By analyzing financial data and credit history, lenders can assess creditworthiness more accurately and offer personalized loan terms to borrowers.
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FINANCIAL SCIENCES (AAMBFS) 15 HTTPS://AAMBFSYE.ORG/EN/ Examples of uses of Cloud computing Transportation: Traffic prediction and route optimization: Analyzing traffic data from connected vehicles allows for real-time traffic prediction and dynamic route optimization, reducing congestion and improving travel efficiency. Predictive maintenance for vehicles: Airlines and transportation companies use sensor data from vehicles to predict potential maintenance issues before they occur, preventing breakdowns and ensuring safety.
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FINANCIAL SCIENCES (AAMBFS) 16 HTTPS://AAMBFSYE.ORG/EN/ Examples of uses of Cloud computing Media and Entertainment: Content personalization: Streaming services analyze user viewing habits to recommend personalized content, increasing engagement and user satisfaction. Targeted advertising: Analyzing social media data and browsing behavior allows for targeted advertising, delivering ads relevant to individual users' interests.
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FINANCIAL SCIENCES (AAMBFS) 17 HTTPS://AAMBFSYE.ORG/EN/ Techniques & Tools used in Big Data Analytics Distributed File Systems (DFS): HDFS (Hadoop Distributed File System), GFS (Google File System), Cassandra - Distribute data across multiple nodes for scalability and fault tolerance. NoSQL Databases: MongoDB, Cassandra, Couchbase - Offer flexible and scalable storage for unstructured or semi-structured data. Data Warehouses: Amazon Redshift, Snowflake, Google BigQuery - Provide centralized repositories for large-scale data analysis and reporting.
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FINANCIAL SCIENCES (AAMBFS) 18 HTTPS://AAMBFSYE.ORG/EN/ Techniques & Tools used in Big Data Analytics Data Integration: ETL (Extract, Transform, Load) Tools: Informatica PowerCenter, Talend Open Studio, IBM DataStage - Extract data from various sources, transform it into a consistent format, and load it into target systems. Data Lakes: Store raw data in its native format for future exploration and analysis, allowing flexible schema and scalability.
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FINANCIAL SCIENCES (AAMBFS) 19 HTTPS://AAMBFSYE.ORG/EN/ Techniques & Tools used in Big Data Analytics Data Processing and Analysis: MapReduce: A programming framework for processing large datasets on distributed systems. Spark: A unified engine for large-scale data processing, offering faster performance and broader capabilities than MapReduce. Stream Processing: Apache Flink, Apache Kafka - Analyze and process data streams in real-time for faster insights and decision-making. Machine Learning and Artificial Intelligence (AI): Leverage algorithms to uncover patterns, make predictions, and automate tasks using large datasets.
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FINANCIAL SCIENCES (AAMBFS) 20 HTTPS://AAMBFSYE.ORG/EN/ Techniques & Tools used in Big Data Analytics Data Visualization: Tableau: Create interactive dashboards and visualizations for data exploration and communication. Power BI: Analyze and visualize data from various sources with interactive reports and dashboards. Python libraries (matplotlib, seaborn): Create custom data visualizations for deeper analysis and exploration.
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FINANCIAL SCIENCES (AAMBFS) 21 HTTPS://AAMBFSYE.ORG/EN/ Benefits of Big Data 1. Improved Decision Making: Data-driven insights: Analyze vast amounts of data to identify patterns, trends, and correlations, enabling better-informed and evidence-based decisions. Risk assessment and mitigation: Predict potential issues and proactively address them, reducing risks and improving outcomes. Targeted marketing and customer engagement: Understand customer behavior and preferences, personalize offerings, and increase customer satisfaction.
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FINANCIAL SCIENCES (AAMBFS) 22 HTTPS://AAMBFSYE.ORG/EN/ Benefits of Big Data 2. Operational Efficiency and Optimization: Resource optimization: Analyze resource utilization patterns to optimize allocation and reduce costs. Predictive maintenance: Identify potential equipment failures before they occur, preventing downtime and reducing maintenance costs. Streamlined processes: Analyze process data to identify bottlenecks and inefficiencies, leading to smoother operations and faster turnaround times.
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FINANCIAL SCIENCES (AAMBFS) 23 HTTPS://AAMBFSYE.ORG/EN/ Benefits of Big Data 3. Innovation and Product Development: Identify new market opportunities: Analyze customer data and market trends to discover unmet needs and potential new products or services. Develop personalized products and services: Tailor offerings to individual customer needs and preferences, leading to higher customer satisfaction and loyalty. Faster innovation cycles: Analyze data from various sources to accelerate development and testing of new products and features.
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FINANCIAL SCIENCES (AAMBFS) 24 HTTPS://AAMBFSYE.ORG/EN/ Benefits of Big Data 4. Scientific Research and Discovery: Analyze large datasets: Analyze complex datasets from various fields like genomics, astronomy, and climate science to make groundbreaking discoveries. Develop new medical treatments: Analyze patient data to understand diseases and develop personalized treatment plans. Improve climate change models: Analyze environmental data to better understand climate patterns and predict future trends.
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FINANCIAL SCIENCES (AAMBFS) 25 HTTPS://AAMBFSYE.ORG/EN/ Challenges of Cloud computing Big data, while offering immense potential for insights and innovation, presents several challenges that need to be addressed: 1. Volume: The sheer volume of data can be overwhelming, requiring specialized storage, processing, and analytical tools. 2. Variety: Data comes in diverse formats (structured, semi-structured, unstructured) requiring flexible handling and integration techniques. 3. Velocity: Data generation happens very quickly, demanding real-time or near-real-time processing for valuable insights. 4. Veracity: Ensuring data accuracy, consistency, and completeness is crucial for reliable analysis and decision-making.
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FINANCIAL SCIENCES (AAMBFS) 26 HTTPS://AAMBFSYE.ORG/EN/ Challenges of Cloud computing 5. Security: Protecting sensitive information within vast datasets requires robust security measures and access control. 6. Privacy: Balancing data analysis with individual privacy concerns is an ongoing challenge, requiring adherence to data regulations and ethical considerations. 7. Cost: Storing, processing, and analyzing big data can be expensive, requiring cost-effective solutions and optimized resource utilization. 8. Skills Gap: Skilled professionals with expertise in big data management, analysis, and visualization are in high demand. 9. Integration: Integrating big data with existing IT systems and data infrastructure can be complex and time-consuming. 10. Governance: Establishing clear governance policies and frameworks for big data management is essential for responsible and ethical use.
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FINANCIAL SCIENCES (AAMBFS) 27 HTTPS://AAMBFSYE.ORG/EN/ References •Big data – Wikipedia •https://gemini.google.com/ •McKinsey Global Institute: https:// www.mckinsey.com/business-functions/mckinsey-digital/our-insights/bi g-data-the-next-frontier-for-innovation •IBM Big Data & Analytics Hub: https://www.ibm.com/analytics/big-data-analytics •"Big Data: A Revolution That Will Transform How We Live, Work, and Think" by Viktor Mayer-Schönberger and Kenneth Cukier •Big Data Challenges - ResearchGate: https://www.researchgate.net/publication/332543555_Big_Data_Impac ts_and_Chal