Big data is a term describes a large volume of data, this will include both structured and unstructured. But note that the amount of date does not matter. The thing only matter is what the organization will do with the data. Big data can be evaluated for insights that will take to you to better decisions and strategic business moves.
Big Data History
The term “big data” is relatively new and the act of gathering and storing large amounts of information for analysis is ages old. The concept was more prominent in the early 2000s when industry analyst Doug Laney gave the now-mainstream definition of big data as three Vs:
Volume: Organizations will collect data from a variety of sources and this will include business transactions, social media and information from sensor or machine-to-machine data.
Variety:You must know that data comes in all types of formats ranging from structured to numeric data in case of traditional databases to unstructured text documents, audio, stock ticker data, email, video, and financial transactions.
Velocity:Data streaming is done on unprecedented speed and it must deal with in a timely manner. RFID tags, sensors and smart metering are driving the need fordealing with torrents of data in real time.
Complexity: Today data is coming from multiple sources and this make it difficult tomatch, cleanse, link, and transform data across the systems. Note that it is necessary to connect and correlate relationships, hierarchies and multiple data linking with your data that can quickly spiral out of control.
Why Big Data is Significant?
The importance of big data is not calculated by the amount of data but what you are going to do with it this will be the point of interest. It is important to note that you can take data from any source and analyze it to find answers that enable the cost reductions, time reductions, new product development, optimized offerings, and smart decision making. When you are going to combine big data with high-powered analytics, then you can accomplish business-related tasks like
- Knowing the root causes of failures, issues, and defects in real time.
- Reevaluating the entire risk portfolios within minutes.
- Detection of fraudulent behavior before it is going to affects your organization.
- Generate coupons at the point of sale according to your customer’s buying habits.
Usage of Big Data
Big data affect the organizations in various ways across practically every industry. You can’t ignore the importance of big data. Below is the list that will tell you in which industry big data is going to benefit you:
- Health Care
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