What is Big Data?
“What is Big Data?” is a frequently asked question in the information technology domain. Its answer may be difficult to find as it is termed as “big” and yet it is relatively small in mass. However, to understand how it works and what are its implications one must first understand what “big data” means.
To put it simply, big data can be defined as the phenomenon of collecting, processing and organizing large amounts of data that can be processed either by machine or by humans. This is done through various online and offline resources. It is usually generated by various sources such as online surveys, product reviews, social networks, and so on. In this respect, we can distinguish big data from traditional databases used for research and information gathering. The former tends to make use of less personal details while the latter tends to make use of more personal details.
Big data is thus nothing but the integration of online resources (such as online questionnaires, customer profiling, and so on) with ever-burgeoning technological capabilities. The Internet has made the accumulation and compilation of such data possible within a very short time, thanks to the advances in broadband connectivity. And because of this short time frame, it is not only feasible but also very cheap to collect, process and make available to the public. Thanks to the Internet and its associated technologies, it is now possible to get access to the data almost immediately. Very often this is done by online services that require users to fill up an online form before they can gain access to specific data sets.
How does big data benefit us? In the current age, it is crucial for companies to stay ahead of competition and gather all kinds of data that can be used to improve their business strategies. It makes businesses more efficient by providing them with real-time information about their customers and competitors. Furthermore, it is imperative that such information is accessible at all times, and that is precisely where the Internet comes into play.
Data has proven to be a very useful resource for marketing and other types of businesses. It helps them make informed decisions regarding what products or services to offer, which campaigns to run and which markets to penetrate. However, with the proliferation of online data, it is no longer easy to keep track of all the data that is out there. That is why big data has started to play a key role in solving business related challenges.
Data science is one of the emerging fields of study that deals with the proper handling of huge amounts of data. The aim of this discipline is to find creative ways of using large amounts of data without making it complicated for the business to handle. This way, the flow of information will not be impeded. Data science involves building a model that will effectively allow the user to analyze data, making the data understandable and useful.
What is big data doing for us? Today, it is possible for anyone to acquire, analyze and utilize big data. In the process, you will gain important insights into how customers interact with your product or services. You can also get insights into what kind of marketing works better in certain geographical locations, which can eventually lead to more profitability for your business.
Big data is indeed a powerful tool. It will help you design new ways of running your business and gain new insights about your customer’s preferences. In essence, you will be able to enhance the quality and/or the value of the services or products you provide. Thus, it could spell the difference between success and failure.