We already looked into the volume and velocity of big data,
but now we are looking into a diversity of data that is store and process.
Variety is described as the ability to categorize incoming data into different
groups. Variety is how data is organized, regardless of whether it is
structured, semi-structured, or unstructured. Not only a huge amount of data,
but there's also a variety of data being produced, which makes harnessing big
data difficult. Analytics tools are used to handle this by dividing groups
based on the data collected and produced. The more diverse customer data you
have from your CRM system, social media, call logs, and other sources, the more
defined your perception of your customers would become. As a result, you'll be
able to improve customer personalization and communicate with consumers more
effectively.
Big Data variety describes structured, Semi-structured and
unstructured data that can be produced by humans or machines.
Structured data
As the term "structured" implies, this is data
that is well-organized and formatted. Data that is structured, is stored in a
database, a file, or a spreadsheet. This data in retail can include
point-of-sale information, inventory, and product hierarchies. Excel files,
Google Sheets and conventional Database Management Systems are some examples
of structured data. (Understanding Structured and Unstructured Data l Sisense,
2021)
Inventory control systems- Some retailers use lots of
inventory control systems, but they all rely on a highly structured environment
of relational databases. Inventory database helps retail stores to maintain a
correct number of stock levels.
Unstructured data
Unstructured data is information that has not organized
properly. Unstructured data is difficult to navigate and comprehend because of
irregularities and disorganization. There is no standard format for
unstructured data. (Understanding Structured and Unstructured Data l Sisense,
2021)
Some examples include Customer reviews, text data, social
media comments and tweets, documents, phone call transcriptions, various log
files like server logs, sensor logs, image, audio, video, etc.
Customer Reviews- For retailers, Customer reviews are
a useful way to figure out whether a product is working or not. It is not in
any structured format. It also can be used to measure sentiment. It reveals
whether the customer's reaction is positive, negative, or neutral. (Bullard and
Bullard, 2021)
Semi-structured data
It's a combination of structured and unstructured
information. It has some organizational structure, but it lacks the full
structure that a relational database needs. Semi-structured data has a
self-descriptive format with tags or attributes to distinguish different
entities within the data. (Understanding Structured and Unstructured Data l
Sisense, 2021)
Examples of semi-structured data include XML, JSON, Emails,
NoSQL DBs, event tracking, and web pages.
Working with a wide range of incoming data to ensure its
cleanliness and accuracy before conducting analytics is difficult. It's both
expensive and time-consuming.
But there's a benefit of this data.
Variety in Big Data referred to gathering information from
different sources to understand an issue and make more right decisions.
Whatever the retail companies, if you have access to large volumes of
structured and unstructured data, it is your responsibility to make the most of
it.
1. Bullard, B. and Bullard, B., 2021. Structured
versus unstructured data in retail. [online] Customer Intelligence Blog.
Available at: <https://blogs.sas.com/content/customeranalytics/2016/04/18/structured-versus-unstructured-data-retail/#:~:text=In%20retail%2C%20this%20data%20can,%2C%20pictures%2C%20and%20even%20hashtags.>
[Accessed 4 March 2021].
2.
Sisense. 2021. Understanding Structured and
Unstructured Data l Sisense. [online] Available at:
<https://www.sisense.com/blog/understanding-structured-and-unstructured-data/>
[Accessed 4 March 2021].
3.
2021. [video] Available at:
<https://www.youtube.com/watch?v=dK4aGzeBPkk> [Accessed 4 March 2021].
Well structured and quality writing.
ReplyDeleteVery precisely written.
ReplyDeleteThe article is wonderfully explained the variety in big data and its role. Good work Akshata! Variety in big data refers all the structured and unstructured data which have a chance of getting generated. Mostly structured data like texts, tweets, pictures and videos are added. Un structured data like handwritten texts, Emails, voicemails, audio recordings etc. are also very important under variety in big data. Variety is all about the potential of classifying of incoming data into various types. It is also different from application to application, and much of it is unstructured data. A common theme in big data system is that the source data will be diverse.
ReplyDeleteBig data describes a large volume of data that is used to reveal patterns, trends, and associations, especially relating to human behavior and interactions. It has been defined by three key factors: volume, velocity, and variety. For the retail industry, big data means a greater understanding of consumer shopping habits and how to attract new customers.
ReplyDeleteVery interesting article. Well done Akshata. Great to know the kinds of data (or perhaps variety of data) used in the retail industry.
ReplyDeleteAfter having read your writing, i feel to make a small comment about the incoming data to the retail industry via social media. Social media is very powerful and lots of data are being shared and received through various platforms. considering this view, I should say: Businesses also experiment with different marketing platforms and strategies in order to target consumers and draw them to their websites. You must be able to monitor where the customers are coming from in order to know what is working. This includes social media, blogging sites, advertising, and all other tools you employ to draw potential clients. This is crucial because you might be investing a lot of money on Facebook advertising just to learn that your customers are discovering you through search engines. You will be able to maximize your expenses and make more use of any dollar you invest as a result of this.
-- Thomas Devasia
Amazing Article Akshata keep up !
ReplyDeleteThanks for the good insight
ReplyDeletevery imformative ..@https://www.facebook.com/JomonKakkanadan
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ReplyDelete