What is Big Data All About?
- July 13, 2016
- Posted by: iNurture
- Category: Blogs
The word Big Data is a hot buzz all around the air. The organizations which once took the phenomena off-handed are now crawling towards the implementation of Big Data-rich analytics. Now even Government operated foundations are shifting towards this technology. As per the studies, it has been calculated that approximately 2.5 quintillion bytes of new data are created on daily basis. In a simpler way, 90 % of this data we have in hands today has been created in the last two years.
For better understanding in and out of this concept, here are the three main terms – Volume, Velocity and Variety.
Data is used for predicting the trends and demands; more data in hand means more rich analysis and better forecasts. From volume, we mean the amount of data that is converted into information. An organization receives huge piles of data everyday but many of them are not able to process the same. But if we try to do so, the organization can generate an even more detailed analytics forecast with the rich data it receives.
The accurate analytics help the organizations to take effective strategic moves. The data can be of any orientation, any type (structured or unstructured), anytime (real-time or historical). It has the ability to capacitate effective forecasting which results in a better strategic plan for an organization.
Speed is a quintessential part of an organization. As soon as you generate the reports through a pool of data available, the sooner you will be able to generate valid reports for business planning. This not only helps in business planning but also adds points to your survival rate in this cut throat competitive world.
For an example, a site that offers its customer online shopping service might be able to boost up its business instantly if the data procured from the site is contemplated and results are generated effectively within a short time. Here velocity plays a great role; As soon as you get to know the taste of the customers, the sooner you may be able to offer the products accordingly. This quick time assessment helps you in taking a faster move than the competitor who might not be updated well enough with the change in customer behavior.
Data comes in from many sources; social media, clients feedback, videos posted comments, field staff reports, transaction records and the list that goes on and on… The variety of this data is vast as it comes from different software, different versions and yes from different users and vendors. The thumb rule of effective data analytics is Store whatever you get. This helps you in avoiding any loss of data that might be very useful for you. Here you need to find out the best and the most effective data analysis tool that enables you to scan, analyze, sort and prepare reports from the data in a time bound process.
Big Data is indeed big and has proven itself to be an effective tool for analytics. The core of the technology is “V”. This “V” is crucial in deciding the growth speed of your organization. If you have an effective analysis tool and efficiency to manage the tool, then no factor has the power to stop you from excelling the profit graphs.
Here are some fine examples of how different industry has utilized the power of the technology:
- In the Telecommunication industry, this data methodology has been utilized to capture their customers, retaining them and increasing their profit margins
- Financial industry uses the data to lessen up the fraudulent activities, perform forensics, stay aligned with compliance and achieve a better understanding of consumer behavior
- FMCG industry uses the data to increase their customer awareness through effective marketing techniques
- Manufacturing industries use it to find out the perfect supply chain solution and effective production planning
By providing versatile results, Big Data has gone far beyond the expected experimental role. Today every effective decision making has its roots associated with it. In all, we can conclude that it is the lifeline of every business which enables the investors to be a smart player who earns profits effectively. Without implementing this technology, a business may not be able to flourish with as much ease as it is doing presently in the era of data-driven business analytics. But all the efficiency depends on the use of the optimum tools used for this purpose because, without the right approach, even the geniuses fail to produce results.
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