What is Big Data?
Big Data is a collection of data that is huge in volume yet growing exponentially with time. It is data with large size and complexity that none of the traditional data management tools can store or handle efficiently. When analyzed, it leads to better decisions and strategic business insights. There are four characteristics of Big Data which are volume, variety, velocity, and veracity.
Why is Big Data important?
The importance of big data doesn’t revolve around how much data organizations have but what they do with it. The data can be taken from any source and analyze to find the answers that enable:
- Cost reductions
- Time reductions
- New product development and optimized offerings
- Smart decision making
What are the benefits of Big Data?
- Improved decision-making through access to social media data enables organizations to fine-tune their data.
- The use of big data and natural language processing to evaluate customer response enhance customer service.
- Early identification of risk to the product/services, if any
- Better operational efficiency.