Importance of Big Data in Today’s World

What is a big data?

Data is the set of chronological presentation of information which makes easy for the readers to understand it. The data is required to perform any function properly and business activities are not out of it. The big data is the structured and unstructured presentation of data, which allows businesses to make valuable decisions regarding any emerging issue. The big data as the name suggests is large and has numerous complexities layered to it. So, it is very difficult task to manage the big data with the regular data managing tools. Well, that’s why industries mostly opt the 3V method to store the big data.

In the 3V methodology, V stands for volume, velocity, and variety. The first V of the volume deals with the storage of such a large and complexed data. The data is retrieved from different sources such as sale transactions, purchase invoices, customers feedback or from the social media. After retrieving all the data is essential to keep it safely for the later usage and today numerous tools are present to store the valuable data.

Velocity, on the other hand, stands for the real time data. Data streamed in real time must be dealt with immediately. The data has an expiry date and it should be used before the data becomes invalid. The data can be present in any medium like image, video, graphs, and documents, and this stands for the last V of the variety. As data is available in a variety of formats and mediums, so it is important to study all the formats by the business to retrieve every possible data.

Influence of big data on Business Operations

The data has the very powerful impact on the business working and it manipulates the working of business tremendously. The big data has following benefits in the business operations:

  • Understand the market forces.

    The big data tool is boon to understand the behavior of the market forces towards the product. By understanding the market influence of your product, businesses can make the products according to it. Every business is nowadays in products mix and by the help of big data they can understand the demand for their products and focus on only those products which are more in demand.

  • Understand the customers.

    The business can understand their customers with the big data analysis. They can in advance understand the requirements of the customers and can produce the products according to the customers need. The big data tool also helps businesses to get timely feedback from the customers and make changes according to the wish of customers.

  • Controlling the social media.

    The social media is nice, but sometimes few anti social elements wrote something bad about your business and then the big data tool helps you to find such elements. The business can prevent their social media reputation by using this dynamic tool.

  • Saves cost.

    Implementing big data tools may be expensive at the beginning but it will eventually save you a lot of money. Big data tools reduce the burden of IT staff since they are real time systems. So, that you can utilize the expertise of the professional IT staff somewhere else.

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