In the easiest manner Big Data can be described based on the 3 V’s. These are elaborated as:
Volume – Very large amount of data, specifically in 100’s of Terabytes.
Variety – data in a range including both unstructured and semi-structured.
Velocity – the generation or consumption of data at a particular rate.
In other words, Big Data can be collectively defined as the term used for very large and potentially complex data sets that are even difficult to handle without traditional tools and applications such as the Relational Database Management Systems.
How Big Data Can Help Us?
Big Data can contribute in the following ways:
- Creating transparency
- Enabling experimentation to discover needs
- Exposing variability and improving performance
- Innovating new business models, products and services
- Replacing/supporting human decision making with automated algorithms
- Segmenting populations to customize actions
Big Data And Business Analysis
Big data is used to analyze business trends and marketing segmentation in a business customer’s database. When it comes to Big Data users, then we see that those internet firms providing search facilities are also its users availing the data being fed to all of the connected devices. Keeping in consideration Big Data popularity in today’s technological world there has been huge coverage made in this regard involving those companies that provide Big Data software and services.
What happens when such a technology comes into view?
A new technology comes into the limelight and all the viewers, the tech types get excited about it of what more could be done to mature the technology. Moreover the money types become excited about how much money they would be able to make. The hundreds of thousands of blogs all need something latest to write about and publish on their websites. Eventually this would be a lot help in bringing an impact in Google rankings.
With numerous benefits of Big Data there are still many companies that do not utilize a genuine use of Big Data.
Let’s Dig In To See Two Of The Practical Benefits Of Big Data:
Negotiate with the Consumers
In today’s technical world, the buyers that come to you have already a lot of things in mind that they expect and they also want to be sincerely thanked for it. With Big Data you will be able to set your standards in a more vocal manner which will let the clients engage in a one-on-one real time conversation. And if it’s not this, then they will leave you in the blink of an eye.
Take for example, the profile of a customer who arrives at a bank. Big Data will play an important role in this, allowing to check the profile of the customer in real-time.
Re-build Your Products
With Big Data you will be able to understand how others perceive your products so, that you will know how to adapt and market them. It will assist you in testing thousands of different variations in computer aided design so that you may gauge about the changes related to material costs, lead times and performance. You will then be able to enhance the efficiency of production process.
All in all, you will be able to gather deep insights with the help of Big Data. There used to be times when you needed to analyze large amount of data and you had to approach the IT specialists for it. And by the time the requested information was given it was no longer useful. Now with Big Data, systems can be developed and tools can be used that are interactive and dynamically virtual thus allowing the business users to analyze, view and benefit from the data