A
Big Data system is what it sounds like: data that is larger than a petabyte, or
1 million gigabytes, stored in servers and analyzed using a variety of
techniques to determine the results to make informed business decisions and
better business moves. In simple words, Big Data is a term that refers to large
data, which is fast and complex and cannot be processed with the help of
traditional methods. The data includes text and numbers but also includes
images, videos, and maps.
It
is when Big data analytics comes into play. Big Data Analytics is about how you
store a huge amount of data and the techniques used to process it to draw
conclusions and make strategic business decisions.
Big
data analytics offers huge advantages like
cost reduction, time reduction, smart decision making, new product development,
and enhanced customer experience. Businesses can utilize the information these
data contain to drive their business goals.
To understand big data, you must
understand the three V's of Big Data:
Volume: The data you collect always
matters. Smart (IoT) devices, industrial equipment, business transactions,
social media, and more are among the many sources of data collection.
Previously, it was impossible to store such a large amount of data, but a cheap
storage platform allows experts to do so easily.
Velocity: In computing, velocity refers to
how fast data is received and (maybe) processed. Most data gets moved directly
into memory versus being written to disk. As the Internet of Things grows in
popularity, data streams into businesses at an unprecedented rate and must be
handled in near-real-time. Smart meters, RFID tags, and sensors are creating
the need for near-real-time data management.
Variety: Variety of big data refers to
the type of data available. Big data comes in all formats, including numeric,
structured, and unstructured text documents, audios, videos, and financial
transactions.
In
the last few years, two more V's have been introduced. These are value and veracity. Today, big data has become capital, as some of the
world's biggest tech companies have proven. But data has no value unless you
discover its value.
Why is Big
Data important?
Gathering
data from the resources is never enough; what is vital is how you process the
data to derive results and make informed business decisions. You must analyze
Big data to help your business make decisions that lead to cost reduction,
time-saving, offer optimized services to the client, and new product
development.
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