Big Data & Cloud Computing - Concurrent Technologies Of The Digital Revolution

Big data is the name given to an emerging model for the analysis and processing of large amounts of data in research and business applications. It provides the tools to analyze large datasets using artificial intelligence. However, big data also needs to be stored somewhere, and the currently available hard drives seem to be too small for it. This is where cloud storage comes in.

Similarly, cloud computing has helped in huge technological advancements for big data. In simple words, cloud service means using remote servers that can hold up a lot of data without taking up space on a physical drive. Several layers of security systems including encryption and firewalls are used to protect these cloud servers, hence ensuring the safety of data.

Conception Of Big Data

With each passing second, large volumes of user data and information flows from organizations and all other sectors around the globe. Thanks to the digital era and internet penetration, this flow became out of control in physical storage facilities, hence the name big data.

When talking about big data, the size has to be in terabytes because of the rate at which user data is flowing through. According to statista.com research, the size of the global market of big data is projected to grow up to $103 billion by 2027.

Characteristics Of Big Data

The ever-increasing traffic from mobile application data and the advancements in technology with the invention of technologies like AI (artificial intelligence) and IoT (internet of things) have led to very complex and large data sets.

Data sets that can be classified as big data have some key characteristics:

  • Volume
  • Velocity
  • Variety
  • Validity

These characteristics define big data, with the volume indicating the size of data sets, velocity is how fast the data is flowing in, and validity determines what percentage of the data is actually of good quality. In addition to these, there is a vast variety of data including structured, semi-structured, and unstructured documents.

The Advent Of Cloud Computing

Cloud computing refers to the storage and processing services that are provided on-demand to businesses and other industries as needed. These are called cloud services because the actual location of these storage facilities is unknown and irrelevant to the organizations using them. Where there is the processing of big data, there needs to be equal storage space available. For this purpose, organizations purchase storage spaces from cloud service providers instead of making their own. This is why big data and cloud computing go hand in hand.

Benefits of Cloud Computing in Businesses

Cloud service is a dominant part of the tech world because of the benefits it provides to businesses. Generally speaking, it helps in better collaboration between businesses and in the protection of sensitive data, as well as keeping customer records for identity verification solutions.

Improved Collaboration:    Businesses always need collaborations with third parties, especially in digital spaces. With its virtual presence, cloud service helps in improved collaboration with shared networks. The employees of a business are also able to communicate better.

Safe & Regular Backup:   Customer data is not only secured but also regularly backed up with the use of cloud service. This helps companies in preventing crimes like identity fraud, avoiding incidents where they face monetary losses. 

Better Storage:    With cloud service, the storage problem is solved for good. It saves companies’ costs to make complex IT facilities for storage purposes and gives the solution to store data when and where required by just paying the rent. Also, there’s plenty of storage space in clouds, so there is no worry of running out of storage space or managing it.

Advantages to Financial Institutions 

The trending technology not only benefits the banking sector but also cyber criminals in taking illicit advantage of it. Using a mix of big data and cloud computing, the improved know your customer (KYC) solutions can reduce potential crime risks.
Monitoring of customer records with the use of extensive information as big data, and analyzing it using the power of artificial intelligence gives beneficial results for businesses. 

The use of big data analytics in businesses for the purpose of customer authentication and processing of regular information has greatly improved the digital environment. Using intelligent tools, data that used to take weeks to process is handled because the system filters out the unwanted data. 

In this way, large chunks of data are minimized and then easily processed. Using big data, businesses can make calculations to make cost-effective strategies and hence reduce their working expenses. Also, with extensive customer data being processed as per requirements, the business can improve its services.

Similarly, with the remote access that cloud service provides, the business sector has evolved a great deal. Cloud service allows all business entities to connect and share information, making operations much faster and easier. Additionally, it also provides exceptional data security, because data is not physically stored on-site. 

Cloud service providers provide additional security and constantly backup the data in order to keep it secure for businesses. This reduces the time required to retrieve data from hours to minutes because there is unlimited access. In addition to this, cloud service is considered to be much more reliable than other forms of storage because it uses computing algorithms to carry out processing tasks, leaving no chance of human error. This in turn eradicates the need to hire specialized IT individuals.

Conclusion

To sum it up, big data and cloud services are emerging because they help businesses manage large chunks of data easily using the technology incorporated in them. From making businesses more resourceful to providing them with the tools necessary for successful operations in the digital world, these technologies have indeed been revolutionary. 

Ryan Jason is a technical writer with a focus on Cyber Security, KYC Compliance, AI, Blockchain and the Fintech sector. 

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