Big Data
Big Data is a collection of data that is huge in volume, yet growing exponentially with time. It is a data with so large size and complexity that none of traditional data management tools can store it or process it efficiently. Big data is also a data but with huge size.
The amount of data in today’s world is staggering. But big data offers vast opportunities for businesses, whether used independently or with existing traditional data.
Big data analytics is the use of advanced analytic techniques against very large, diverse big data sets that include structured, semi-structured and unstructured data, from different sources, and in different sizes from terabytes to zettabytes. With big data analytics, you can ultimately fuel better and faster decision-making, modelling and predicting of future outcomes and enhanced business intelligence.
Benefit of Services
Data scientists, analysts, researchers and business users can leverage these new data sources for advanced analytics that deliver deeper insights and to power innovative big data applications.
- Using big data cuts your costs
- Using big data increases your efficiency
- Using big data improves your pricing
- You can compete with big businesses
- Allows you to focus on local preferences
- Using big data helps you increase sales and loyalty
What Is Included
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:
- Determining root causes of failures, issues and defects in near-real time.
- Generating coupons at the point of sale based on the customer’s buying habits.
- Recalculating entire risk portfolios in minutes.
- Detecting fraudulent behavior before it affects your organization.
Big data is a big deal for industries. The onslaught of IoT and other connected devices has created a massive uptick in the amount of information organizations collect, manage and analyze. Along with big data comes the potential to unlock big insights – for every industry, large to small.
Before businesses can put big data to work for them, they should consider how it flows among a multitude of locations, sources, systems, owners and users. There are five key steps to taking charge of this big “data fabric” that includes traditional, structured data along with unstructured and semi structured data:
- Set a big data strategy.
- Identify big data sources.
- Access, manage and store the data
- Analyze the data.
- Make data-driven decisions.