Whenever you hear the word Big Data, have you ever wondered what is it? How and for whom Big Data is used for? Well this article might help you understanding all those unsolved mysterious questions you’ve in your head.
Big data, which is a buzz word of overloaded information, gather a set of technologies and practices for storing large amount of data and analyse in a blink of an eye. Nowadays, Big data is shaking our ways of doing business and it’s gaining popularity.
To describe the functionality of big data, it’s necessary to summarise its key features using 3 “V”:
The first V stands for the Volume : the amount of data gathered every second is expanding each day. Social networks and E-commerce are the major contributors to the wealth of data.- The second “V” stands for Velocity, as you know that speed of data exchanged in a connected world is no longer in doubt. All news and updates are stored in clouds because in big data, “We keep everything”.
- The last “V” stands for the Variety of data. Specialised databases are able to manage the multiple data formats: digital, text, image…
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Since the digital revolution, the quantity of Data produced each and every day, in or out of an information system, has reached such proportions that it’s difficult to continue to use traditional tools to manipulate the data in an efficient way. Nowadays, most companies are satisfied to produce the same reports by using the small portion of the information produced and gathered in their traditional information system but they are far away from the gold mine of information present on web.
Here’s listed some of possibilities offered by BigData:
- By using the right Data, a company can Improve the customer experience
- Better understand the behavior of prospects and customers
- Analyze the behavior of prospects and customers 360: purchases in stores and online, internet surfing habits, preferences indicated on social networks …
- Anticipate market needs and adapt business strategies
If you’ve read this article so far, I’m pretty sure that you are aware that the data has always been a key resource for any kind of businesses, but over the past three to five years, they have gone from “major” status to “critical”. The data and, more importantly, the analysis of data has become a competitive advantage for many industries and businesses.
Ok, that’s interesting, but what does this phenomenon has to do with your business? You are affected if at least two of these statements are true:
- You work on a sector where information is generated in real time by multitude of sensors, users or customers
- Your information system is complex, extensive, consisting of several software components
- Your data isn’t structured
- Your data isn’t qualified
- Despite your optimization efforts, your databases are not enough to achieve results within a reasonable time
So if you find yourself in these above statements, it’s time for you to consider a Big Data project.
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