Big data is a term used to describe a large volume of data. This data can be structured and unstructured depending on the day to day basis. The amount of information is not important; rather, the ways the data can be used is. Big data can be analyzed to get insights that can lead to you getting better insights to help your business. The use of big data is very important and can easily outperform peers. With the increasing competition in the industry, it has become important to help ensure that you keep on innovating and capturing the actual value of your business.
Big data helps the organization create and allows one to have new growth opportunities which, combined with the existing data, can provide accurate results. The term big data is relatively new and can let you have the right information. There are three main factors for big data:
Data Volume: An organization generally collects data from various sources, including business transactions, social media, and information. It can involve storing problems that can allow for easing the burden. The name itself means the enormous size of the data and hence has the characteristics of volume.
Data Velocity: Data velocity is the speed at which one must deal with to get on in a timely manner. The term velocity refers to the rate that it takes to generate the data. The Big data velocity deals with the speed at which the data flows. The flow is massive and continuous, which involves data from business processes, applications, networks, social media sites, sensors, mobile devices.
Data variety: Data comes in all types of format, but big data can be structured or unstructured. The structured dataset is numeric, and the unstructured data set includes documents, video, audio, financial transactions. There are many different varieties of heterogeneous sources that can add to the data. This means that data in the form of emails, photos, videos and monitoring devices, PDFs, etc.
The importance of big data does not only revolve around the company but also how the company can utilize the data. Every company uses data in their way, which allows them to use the data effectively, allowing one to have the right potential growth. Big data can be found in both the public and private sectors. In the education industry, you can easily customize the dynamic learning programs, reframe the course materials, career predictions, grading systems, etc. When it comes to the insurance industry, it can be used to collect information, gaining customer insights, fraud detection, threat mapping, etc. With government industries, it can be used in government impact and can allow you to keep track of national and international affairs.