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Glossary

What is Big data?

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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