The history of big data can be traced back to early 2000’s when experts in various fields identified the need to stay in touch with the continuous rise in the size of data, the need for its collection and the need for more data analytics. Fast forward today, enterprise such as the EMPR Australia, deliver various IT services such as servers and storages to meet the needs of storing and processing big data.
Definition of Big Data?
According to Gartner, Big data is considered as high-volume, high variety and high high-velocity information assets which requires cost-effective as well as innovative forms of information processing being put in place to enhance insights and decision making in an industry or organization.
In simpler forms, big data refers to the bulk of information acquired or available for a organization to facilitate decision making and improve productivity at higher rates. In summary, the essence of gathering and analyzing big data is majorly to improve efficiency and the productivity of a business.
The Three Vs of Big Data
Big data can best be described using the three Vs which were articulated by Doug Laney about 18 years ago. The three Vs sum up the nature of big data and also provide the insight needed to know why it is crucial to value its importance.
Volume: In this age, data are available from numerous sources. The impact of social media, communication between machines and electronic transactions have all provided large data which are available for collection and processing. It has been reported that over 2 trillion data is being created every moment we experience a new day. This illustrates that data is largely in volumes.
Velocity: Data is dynamic in nature. Data streams at lightening speed and must be treated accordingly in order to produce near or real time outcomes.
Variety: Data is supplied in both structured and unstructured formats. These include audios, videos, text documents, financial transactions and electronic mails. Unstructured data in the forms of email, websites and blogs contribute to about 80% of the information which organizations and businesses store.
What are the Importance and Benefits of Big Data?
- Big Data Increases Efficiency of Businesses: Considering that we are in a very fast technological century, there is little or no time to waste on treating data in isolation. Big data analytics take into account every data supplied and needed for a particular solution, and then helps in producing the needed in-depth analysis a well as solutions to problems.
- Big Data Helps To Improve Customer Experience: No business grows exponentially by failing at improving customer experience. With big data, the top players in various industries have been able to keep their customers glued to their services or products. Data analytics is often used to determine what customers are presently interested in, what they will likely be interested in as time goes on, and how they (customers) can be served better.
- Big Data Promotes Innovation: Proper big data analytic reveals the trend of customer behavior. Big data helps to reveal the possible behavior of consumers to a particular product or service with the data gathered over time. This helps businesses to become more innovative consistently in their approach, in order to continuously keep their customers happy with different range of reviews and upgrades to their products and services. This is with a view to staying on top of their game in the competitive market.
BIG DATA IS HERE TO STAY AND NOT A FAD!
Considering the fact that the biggest brands and businesses are taking big data analytics seriously, this is a crystal clear pointer that big data is not a FAD; and as a matter or fact, big data is here to stay. These big brands and businesses are constantly on the look out to gather as much information from within and from the consumers in order to improve their productivity.
With big data analytics, flaws and financial transactions can be identified and dealt with accordingly. Fraudulent acts which ordinarily would get swept under the carpet can be unraveled by the use of big data analytic experts. This brings about the much needed transparency that is vital for the growth and development of any business or organization.
If big data was a fad, top brands would not take it seriously. More so, a lot of experts in the field of statistics,data science and information technology are creating more interest in big data analytics. This could result in job opportunities for experts who are looking to improve their overall skills.
In conclusion, either your business is small or has grown large, big data can make you become more updated, productive, efficient and innovative in whatever business you’re do. You just have to remember that your competitor is also on the look out for valuable information or data which, with high powered analytics, could make their business match or usurp yours.
Indeed big data is here to stay and will certainly not be a fad.