big data

Blog post 1: What is Big Data?

Big data is the new buzzword in the business world and the data analytics field.  The term is used to denote large volumes of structured as well as unstructured data sets that get generated in the process of business activities (McAfee et al ., 2012). This is a major tool is analyzed to find major trends that help to make strategies for business growth.

Characteristics

High volume data that is collected by IoT devices and computer fed business transactions are the main points of data generation.Varied types of data that are alphabetical, numerical as well as pattern inducing along with the traditional mode of information givers like mails, audios, and videos are part of the sources that give rise to Big Data. The big data is usually characterized by the 6 Vs and they are volume, variety( different sources), value, veracity (trustworthiness), velocity ( speed of generation) and variability ( varied uses)

Nature and uses

By nature Big data, are large sets of diverse information that arrives from multiple sources (Labrinidis and Jagadish ., 2012). The major uses of Big Data are that it gives a sense in the form of the bigger picture to the small and fragmented sets of information. The experts pick up the trends from Big Data and through careful consideration and assessment there are actionable tasks taken up to put that completely derived information to use. Big Data is responsible for aiding business to study and understand consumer behavior, so that it is possible to ensure that better products and services that are associated with satisfaction can be offered to the consumer.

Importance of Big Data

It is used in the deciphered form to improve operational efficiency and increase profitability (Sagiroglu and Sinanc, 2013). It helps the business to gain a competitive advantage over other players by providing trend-driven valuable insights. It is also important in trying to avoid bad investments and reduce the risk of potential losses (George et al ., 2014).

Big Data is a major revolution and it is important that this revolution is made use of in order to gain business advantage in this dynamic business world.