Big data is a term that describes the large volume of data - both structured and unstructured - that floods the business on a daily basis. But it's not just the amount of data that matters, big data can be analyzed to gain insights that lead to better decisions and strategic business moves.
The use of big data is becoming commonplace these days by companies to outperform their peers, in most industries, current competitors and new entrants alike will use the strategies generated by the data analyzed to compete, innovate, and capture value.
Big data helps organizations create new growth opportunities and completely new classes of companies that can combine and analyze industry data. These companies have ample information about products, services, buyers, suppliers, and consumer preferences that can be captured and analyzed.
The term big data:
While the term "big data" is relatively new, the process of gathering and storing large amounts of information for its analysis is ultimately outdated. The concept gained momentum in the early 2000s when industry analyst Doug Laney explained the now dominant definition of big data as having three phases:
Voice: Organizations collect data from a variety of sources, including business transactions, social media, and information from sensor data or device-to-device data. In the past, storing them was a problem - but new technologies have eased the burden.
The name "big data" itself is related to huge size. The volume of data plays a very important role in determining the value outside the data. Whether certain data can actually be considered big data or not depends on the size of the data. Hence, the "volume" is One of the characteristics to keep in mind when dealing with "big data".
Speed: Data flows at unprecedented speed and must be dealt with in a timely manner. Data labels, sensors and smart metering drive the need to handle torrents of data in nearly real time.
The term "speed" refers to the speed at which data is generated, determines how quickly data is generated and processed to meet demands. The true potential in data. The speed of big data deals with the speed at which data flows from sources such as business processes, application and network logs, social media sites, and sensors. , Mobile devices, etc. The flow of data is huge and continuous.
Format: Data comes in all kinds of formats - from structured data sets and including digital data in traditional databases to unstructured text documents, email, video, audio, stock index data, and financial transactions.
Diversity refers to heterogeneous sources and the nature of data, both structured and unorganized, during the previous days, spreadsheets and databases were the only sources of data that most applications considered, and now data is also considered in the form of emails, pictures, videos, and surveillance devices. In analysis applications, PDFs, audio, etc., this diversity of unstructured data poses some issues related to storage, mining, and data analysis.
Benefits of Big Data Processing
- The ability to process 'big data' brings multiple benefits such as:
- Businesses can benefit from external intelligence while making decisions
- Improved customer service
- Early identification of risks to the product / services, if any
- Better operational efficiency
Why is Big Data Important?
The importance of big data is not about how much data the company owns, but how the company uses the data collected, each company uses the data in its own way, the more efficient the company uses its data, the greater its potential for growth, the company can take data from any source and analyze it to find answers
Some big data tools like Hadoop and based analytics can also bring cost benefits to businesses when large amounts of data are stored and these tools also help identify more effective ways of doing business.
The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data that help companies analyze data instantly and make quick learning-based decisions.
It is imperative to understand market conditions by analyzing big data. You can get a better understanding of current market conditions. For example, by analyzing the buying behaviors of customers, the company can find out which products are selling best and produce products according to this trend.
Online data control Big data tools can do online analysis so, you can get feedback on who says what about your company. If you want to monitor and improve the online presence of your business, big data tools can help with all of this.
Use big data analytics to increase customer acquisition and retention
The customer is the most important and reliable asset in any business, there is no single business that can claim success without first needing to create a strong customer base, however, even with a customer base, companies cannot stand the high competition they face.
If the business is slow to know what customers are looking for, it is very easy to start offering poor quality products at the end, customer loss will result, and this creates a general negative impact on business success. The use of big data allows companies to monitor different patterns and trends related to customers, and to monitor Customer behavior is important to spark loyalty.
Use big data analytics to solve problem advertisers and provide marketing insights