“What is big data?” is a question often asked these days. Big data has been a topic of much conversation, as a result of the continued growth of smart phones and tablets, digital data visualization tools, and the availability of large-scale online services such as streaming media. These tools are making it possible for people to access large amounts of information quickly and easily. In addition, companies have begun leveraging such information to help improve internal processes, create more meaningful business models, and reduce overall company costs.
The question “what is big data?” is important because it enables businesses to exploit unstructured or semi-structured data in new ways. Typically, big data refers to unstructured data obtained through different sources, including telephone bills, emails, social networking profiles, and the Internet. Large unstructured data also refers to historical data, which can include multiple versions of an event or document. When compared to structured data, unstructured data has the following characteristics:
– Unstructured data may be stored in various formats, including text files, Excel spreadsheets, and web records. – Since unstructured data comes from a variety of sources, it’s not always easy to sort through and extract useful information. Companies may use a variety of tools to sort, filter, and extract information. – When comparing structured data to unstructured data, it’s important to remember that the former tends to be more current. This means that the information may be more recent when it first comes in, as it has been stored and retrieved over time.
– Real-time processing refers to the ability to retrieve and process big data sets in a timely manner. This capability can be delivered in different forms. Companies may choose to store their data in a cloud-based service, allowing them to access it anywhere in real-time via devices, laptops, desktops, smartphones… – Many service providers also provide software that enables companies to acquire real-time velocity.
When using velocity, it’s important to remember that it’s more than just a simple tool for retrieving structured data. With real-time velocity, a company can also utilize algorithms to analyze the big data. These algorithms can take advantage of the natural human behavior of browsing, searching, and decision-making processes to provide recommendations.
In addition, unstructured data can also be leveraged in real-time for strategic business analytics. Unstructured data analytics offers a different analytical perspective which may prove to be more supportive for making business decisions. As well, real-time analytics provides access to previously inaccessible or under-utilized data sets. These additional data sets can be valuable for a company in the following scenarios:
In the enterprise context, what is big data? It can mean various things to various people. However, it basically means the volume of data that is being accumulated by businesses every day, and the ability to process this data to provide insights and make informed decisions. Data processing is particularly useful in retail and distribution businesses where sales are typically made on a daily basis. Furthermore, in industries where cash is an integral part of the business, velocity can help in gathering, storing, and analyzing this monetary flow.
Today, most companies are leveraging the tools and systems available to improve customer experience. In particular, the integration of velocity into an existing e-commerce platform can generate increased revenue while reducing operational expenses. What is big data, then, if not the opportunity to improve the customer experience through better insight and decision-making? The next time you hear the term ‘big data’, keep these three points in mind.
First, understanding the meaning of the term is crucial, especially when working with large amounts of data. In its simplest form, it refers to the capacity to analyze using algorithms the volume and frequency of data. As previously mentioned, big data analytics is particularly useful in retail and in particular in speed and storage of stored data. This capability may mean the difference between creating a thriving online business versus failing to make any progress in a competitive environment.
In addition to the ability to analyze the volume and frequency of data, what is big data also refers to the ability to exploit it in order to serve a variety of purposes. The use of such tools as velocity is most often used for data mining, which refers to the process of searching for patterns and relationships among large volume data sets. In other cases, what is big data may refer to tools that facilitate or automatically extract and analyze financial statements. Of course, in each case, what is big data is relative to the context in which it is applied. What is important is that big data is relevant to certain aspects of management in order to ensure accuracy and manage the business better. This is the reason why many companies are investing in tools such as velocity and big data analysis.
What is big data may also be referred to as unstructured and structured data. In the context of business, unstructured data usually refers to customer records and sales information that are collected manually. Structured data on the other hand refers to financial statements and other types of historical or organizational information. As you can see, the meaning of what is big data is relative to its application. Regardless of what the term indicates, it can be helpful to know the difference between the two forms of data.