Big Data and its growing importance

BIG DATA AND ITS GROWING IMPORTANCE

For a long time, organizations have been using the data available to them in sheets of paper or from the very first monolithic systems that were around. With the emergence of modern applications and wider use of them, data collection and storage became refractory and expensive. This is when the term ‘big data’ started spreading around and organizations started realizing the value of such data, when analyzed and deployed.

Data available and collected can be in structured and unstructured forms. This huge conundrum of data can be understood in the following terms:

Volume

There are innumerable sources from which data is collected which can be used by an organization. Customer data, business transactions, social media and machine data among others fall into usable data definition. The volume of data classifies the data as relevant to the term.

Velocity

For a huge amount of data to be qualified as ‘big data’, the flow of data should also be at a rapid rate that needs use of specific analytical instruments such as programs and software.

Variety

While it is still possible to manage huge data coming in at alarming rates, the variety of data makes it impossible to be contained and handled. This data can be structured, unstructured or semi-structured and are in different formats (audio, text, video, images…).

Importance of Big Data

The importance of big data may be incomprehensible for some. The gigantic task of analyzing, storing and applying the results of this data can seem like a futile task. However, it has brought huge success and greater efficiency to organizations around the world. This is not just the case with large organizations but also medium businesses.

Speed

How big data solutions aid in managing a company’s data through in-memory processing, which is real-time big data can go beyond human capabilities in analyzing data.

Another aspect of how big data provisions for speed is the utilization of data to ameliorate marketing time and speeding up business growth.

Efficiency

Big data analytics eliminates the risk of utilizing incomplete data to get results that do not often align with real analytics. Big data utilizes an entirety of data that eliminated any errors.

Utilizing other platforms

Big data pushes towards utilizing other platforms to gather data without worrying about the storage and expense since it is managed externally. Social media platforms have developed tricks that tap into user data and helps organizations to market their products.

Early detection of business failure

When data, no matter how insignificant it seems, is collected and put to use through big data analytics it helps to anticipate any pitfalls along the way for a business.

Issues come to surface in near-real time, so that such data does not come in too late for rectification. It also identifies fraudsters in the system and red flags that keep away customers.



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