If you are still wondering if big data is good for your business, then you must be moving a step behind. Data is considered to be the oil of the 21st century, and do you know why?
Because just like oil helps in the industrial economy, the data collects all the resources and information about the economy. There was a time when natural resources were considered the wealthiest, but today the economy is not at all driven by natural resources, what today’s economy is driven by is information.
What is Big Data?
Big Data is the collection of a large volume of data, which is growing exponentially with time.
And how big is it? Well, no data managing tool can store big data. It is basically used to analyze information. The data is still growing at an unprecedented rate. And yes! The majority(90%) of this big data is just created in the past 2 years.
The concept of big data first came to light in the early 2000s. During these years, Doug Laney, an industry analyst, gave big data definitions as the 3 V’s.
The 3 V’s define big data more clearly.
The 3V stands for
Let us see these in detail:
As it is the most obvious one, big data is about the amount of volume. The amount of volume is growing every day at a very unexpected fast pace. Do you know? 2.5 quintillion bytes of data are generated every day. So, it is not an uncommon thing for big companies to have Terabytes and even Petabytes amount of data stored in their devices and servers.
This aspect of the data measures how fast the data is coming in. The growth of data and the importance of its result has changed our view of data. It is important not to jump directly to conclusions without checking all the facts first.
Data has variety. Once the data was collected in one format such as Excel Or CSV. but now the data has a vast variety of forms like text, graphics, videos, and many more. This data is highly useful for us, but it does create more work and skills to properly decipher the incoming data.
These 3V gives us a clear view of big data. Now further big data is divided into 3 types, namely
In this type, the data can be stored, accessed, and processed in a fixed format.
Any data which is of unknown form or structure is classified as unstructured data.
Semi-structured data can contain both forms of data, structured and unstructured.
Why is big data important?
Why does big data exist? Why do we have to store so much data? What is the need for that?
The importance of big data doesn’t revolve around the amount of data, what really matters is what you do with the data.
- Cost reductions
- Time reduction
- Determining the cause of failure in real-time
- Smart decision-making
What are the advantages of Big data in IT businesses?
How impactful big data is in the business world? As all businesses are moving towards digitalization, data is needed for achieving a place in the market. Let’s see some of the advantages of big data in IT businesses.
- Better decisions!
Big Data provides businesses with the tools they need to make smarter decisions, decisions that are completely based upon the data and not on assumptions or any gut feeling. For this to happen, every employee in the organization must have access to the data, to improve decision-making. This is known as data democratization.
- Customer understanding!
Big data helps to have a better understanding of customers. One of the examples is Facebook. Facebook knows all about your life and uses that knowledge to give the customers relevant recommendations. This can clearly demonstrate the advantage of Big Data.
- Better service!
The more the understanding the better the service. When a business has a good understanding of its customers, it can provide smarter and better products to its clients. It boosts the customer’s satisfaction and loyalty towards the brand.
- Improved business operations!
Robotics and automation are a bit older technology in industrial settings, like factory production lines. But due to the help of big data plenty of other business sectors like IT are now becoming more automated. This rise in automation is all due to Big Data.
Big Data isn’t just all about improving processes and taking decisions or even understanding more about clients. Big data can also be monetized to boost revenue or create additional income for businesses. Big Data can help save businesses money. Data-driven fraud-detection technology can and has saved billions of dollars.
What is the ICT circle?
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