Big data is a large volume of data collected from various sources with an aim to analyze it and make better decisions based on the results of that analysis. The term Big Data is a relative term as it depends on the tools being used to handle the data and the capability of the analysts handling the data. For some organization gigabytes of data may be “big data” while others may use the term when referring to terabytes of data. Governments, scientists, drug manufacturers, meteorologists, finance executives, business administrators, advertising managers etc frequently have to manage Big Data.
Data can be structured as well as unstructured, and requires special software and large storage spaces for successful processing. In most cases, Big Data is a highly complex stream of data flowing in through servers at a rapid speed. Therefore, equipment used for handling it should be robust enough to deal with sporadic changes in reception of data.
The sources of Big Data are varied and so are the types of data they gather – it could be simple numbers like page views and conversions, text documents, videos, audios and images. However, Big Data becomes significant only when it is combined with high-powered analytics. To surmount the challenge of linking and correlating different data types, analysts need to be very vigilant and regular, alongside incorporating ultra sophisticated machinery.
Why It Is Important?
Big Data is rapidly becoming the backbone of industrial decision-making. Moreover, even governments make use of Big Data Analytics to make informed decisions related to policy building. Given the large sample sizes available for each product and service, data analysts are able to arrive at accurate patterns. These patterns could be about people’s spending habits, the popularity of a product based on geographical locations and the likability of content like movies, music and social posts. Predictions made on such analysis often come out to be very accurate.
Utilizing the science and art of analyzing Big Data, organizations can get insights on numerous processes and alter their strategies to hit their targets in the bull’s eye. All brands, big or small, can dig into this hay stack and come out with precious pearls of wisdom. With Big Data, companies know exactly where to invest, when to invest and how much to invest. So in addition to investors’ domain knowledge and instinct, Big Data is a great driver for where the world’s capital goes.