Big data assures organization to have more intelligence at the clearance. This helps in making precise decisions and estimates on how the business is progressing. To use big data in a business requires you to have a good knowledge about it.
About Big Data
Big data is a term that is used to define the processing, collection, and availability of bulk quantities of streaming data in a real-time basis. Companies merge sales, marketing, transactional data, customer data, social media conversations and external data such as stock prices, news and weather to make more precise decisions.
What makes Big Data Different?
In past days, businesses applied systems to acquire, convert and load data into large sized data warehouses that had BI (business intelligence) solutions for reporting purposes. All the systems would then backup and merge the data in the database. The reports generated by running queries on this database would be accessible to everyone. Dig this at activewizards.com
Database technology can’t deal with multiple constant data streams. It is also not capable to deal with large volumes of data. Modification of the incoming data into the software in real-time basis was also difficult. Big Data provides cloud-based hosting, that is optimized and highly indexed data structure that possess extraction capabilities, automatic archival and reporting interfaces to provide precise analysis.
This enables a business to make effective decisions. Better business decisions imply that firms can lower the probabilities of their decisions and form efficient decisions that not just lower costs but also enhance effectiveness of marketing and sales.
Forms of Big Data
Big Data implies bulk of raw data that is gathered, stored and examined using several to improve efficiency of an organization. This chunk of data can be in the form of structured as well as unstructured forms. Where structured data is easily organized and analyzed into the database, unstructured data is a lot difficult to evaluate. It uses several different types of formats and is not easily recognized by traditional processes and data models.
What are the 3 V’s of Big Data?
Big Data is an effective combination of three factors such as high volume, high variety and high velocity.
Big Data is an efficient way to observe and record business transactions, social media data and sensor data. This results in creation of a large data volume.
The high-speed data streams must be deal within a time bound manner. Time consumed in data processing and analysis of streamed data to generate real time outcome is also quick.
Data is available in various different formats that could be structured, video, numeric, email, audio, stock ticker data and the unstructured text files.
The use of big data is nowadays common in most of the companies. With this data, a company gets the capability to outperform its peers. In most of the industries, new entrants and existing competitors will use this strategy to compete, innovate and trace value from the analyzed data. Thus, learning about it would surely benefit an organization.