What is Big Data?
Businesses today are driven extensively by data. Without big data and Big data analytics companies could be running like a deer on a freeway. Big data describes a holistic information management strategy that includes and integrates many new types of data and data management alongside traditional data. Using Big data helps the decision makers to decide on the basis of evidence rather than intuition.
Big data is characterized by
- Volume: Large volume of data is generated through various business processes
- Velocity: Most of the data generated is real time or with enormous speed
- Variety: different types and nature of data generated
- Variability: Inconsistency in data generated
- Veracity: Variety in quality of data generated
Applications of Big Data
Various data management technologies and data management tools help to get an insight from the vast amount of collected data. With analysis of Big data businesses could be proactive. Business executives could make better decisions and make better strategies. Business problems and challenges could be fixed before they create trouble. Businesses can now know what their customers want, which in turn could lead better customers relationships and adding value to their business propositions. Businesses could now be smart using big data and big data analytics. Big data driven businesses can now capitalise on opportunities.
Big data is used in Various fields of business and by many businesses:
- Science and Technology
Big data and Analytics is being widely used in the above fields in countries like India, Europe and USA to name a few.
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