Explanations of latest Technological buzzwords

The intention of writing this post is of twofold. One, to make sure that I don’t forget what I have read on the internet/social media/Books/PDF. Second, make that information available to the professionals linked through our network.

By reading this post, I expect couple of things to happen. First, someone who is looking for information on what those terms and technology is all about and to get the details in layman terminology. Second, those who are experienced in that specific domain would be curating the content and make it accurate.

The content could be useful for someone who is not aware of the latest technology/terminology. It is about BIG DATA, Analytics, IoT’s, Data Science and all definitions related to these technologies. The intention is to make sure I understand better, we understand better, together.

1. Data

Collection of facts, statistics or any other piece of an object that makes sense if we arrange in a proper way for further processing. It could be structured (DB Tables), unstructured in the form of text, voice, video, images, data collected from sensors etc.

2.Information

Collection of Data’s which will make sense in appropriate context.

3.Data Storage

The place where data is stored in a structured/Unstructured manner for processing. Examples are databases such as Oracle, SQLDB, MS access, MongoDB, DB2 etc.

4.Data Curation

The technique of planning how the data should be arranged for future analysis

5.Data Warehousing

These are the central repositories of integrated data that comes from different sources such as from OLTP systems (ERP system, CRM system etc.) or OLAP system (EPM system, real time data feed systems etc.). Data Warehousing, is used mainly for business intelligence and reporting.

6.Data Mart/Data Lake

Data marts are smaller slices and a subset of a large data warehouse. This is how users get the data out of a warehouse

Data lakes are a storage repository that holds a vast amount of raw data in its native format until it is needed for further processing

7.Analytics

If you dig the given dataset and find some meaningful insight, then we are told that, we do analytics. It could be anything ranging from finding new market segments, targeting the customers for a promotion and so forth.

8.Data Science

This is a field of study, which uses statistics (Data Modelling), basic and advanced mathematics, information technology tools and certain other parameters based on the verticals we work in, to arrive at a conclusion on a data.

9.Data Scientist

A person who practices/works/researches/perform the data science field of study

10.Big Data

Large volumes of data, both structured and unstructured, coming in a high velocity with a variety of data’s such as text, video, audio, images and so on for storing, processing, retrieving, analysing, visualizing and modelling is said to be big data

11.Domain Analytics

If you perform analytics is a specific domain, then it is domain analytics. There are vertical and horizontal domains. Examples for horizontal domains are marketing analytics, supply chain analytics, financial analytics etc. Examples for vertical domains are agriculture, BFSI, energy, retails, consumer, healthcare, aviation, defence etc.

12.IoT

Latest buzz word, internet of things (IoT) is all about the devices connected to internet such as smart phones, TV’s, computers, smart watches, industrial cameras, sensors etc.

13.Sensors

Sensors are hardware components that can provide you with information about your device location, surroundings, pulse rate, images and videos to name a few

14.Smart Devices

An electronic device connected to other devices or networks through Bluetooth, NFC, Wi-Fi, 3G, etc., that can operate to some extent interactively and autonomously. Examples are Apple watches, Samsung gear, Beurer activity monitor etc.

15.Distributed Computing

The process/program which makes a distributed system work is called as distributed computing. This is a piece of software that helps different computers connected (distributed) in a network to exchange information simultaneously. This software, will improve the efficiency of processing of a task on multiple computers in parallel

16.Hadoop

Hadoop is an example for distributed computing and it is a platform for big data processing. This is an open-source framework that allows to store and process big data in a distributed environment across clusters of computers using simple programming models.

17.Cloud Computing

The practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.

18.Business Intelligence

The process of converting raw data into meaningful business insights to make a better decision

19.Machine Learning

The process or a field of study where, the computer algorithm’s study and mimic human behaviour and improve over the period of time

20.Cognitive Computing

Cognitive computing is the simulation of human thought processes in a computerized model. Cognitive computing involves self-learning systems that use data mining, pattern recognition and natural language processing to mimic the way the human brain works

21.Virtual Reality

VR is an environment created by virtual reality software to mimic the real world on a computer using human sight and sound. You can see these in a museum now-a-days to explain the feature of a monument

4i is happy to be a part of this technological revolution and partner with our customers across the world on implementing & managing enterprise resource planning, building large data warehouses to mine the data for business intelligence, provide data curation services, perform advanced analytics and implement cloud based services, provide management consulting from a strategy point of view, building scorecard applications, develop and deploy enterprise standard mobile application and analytical solution and implement enterprise wide performance management systems

Posted on behalf of Mr. Maheshkumar M, Project Manager (Currently Managing Oracle Score Card and Strategy Management – OSSM implementation project for a large construction co.  for 4i)