First coined in the 1990s, the term Big Data primarily denotes massive sets of both structured and unstructured data.
Used for better user behaviour analysis and predictive analysis, Big Data technology is very helpful in revealing the business trends and patterns relating to the target. One of the central concepts associated with the characteristics of big data is the “3V’s concept” which includes-
Volume– data quantity,
Variety– data’s type and nature,
Velocity– this characteristic of big data defines the generating and processing speed when required.
& later followed by Veracity – The quality of data. Whether the data is fit for the intended uses in decision making, operations and planning. The information must be meaningful.
What is Big Data Analytics –
Big Data Analytics provides organisations with complete user’s profiles, which allows for more customer experiences personalisation at each level, wherever they interact throughout the journey with the company. One of the defining traits of big-data analytics is its real or near-real-time information delivery. Big-data Analysts typically want the knowledge that comes from analysing the data, and information within it.
Big Data for Business
Many active businesses use Business Intelligence for data analytics, insights and reporting. However, the problem occurs when the database technology can no longer handle multiple and continuous data streams and volume. Moreover, BI analysis is not real-time, and reporting tools lack too much for a long run of the business. Whereas, Big Data solutions have better data structure optimisation and high index and with cloud hosting.
The benefits of Big Data
The benefits constitute accurate analysis with better reporting interfaces and extraction capabilities resulting in better decision making. As a result, the businesses have lower risks of their decisions, reduction in cost and a higher rate of effectiveness in marketing and sales. The big data includes info from the third-party source, social network, internet and already in the storage of organisation’s database and all the possible authentic places.
- The main benefit of data is what we have previously discussed above. The Big data’s vast amount of information at one place to acknowledge and better focus for the correct target thus better accessibility.
- Helps in monitoring and forecasting in real-time for trends and events that put any impact on businesses.
- Identifying the exact needs and demands, behaviour and purchasing habits of the target for giving the company a proper direction with appropriate tools and information.
- Ability to mitigate risks in current business decisions and planning and preparing for the budget.
- Moreover, it assists in understanding the market and the data-driven marketing potential.
- Better customer experience personalisation and user/client feedback with added values.
- Identification of the threats in the new events.
- Big-data analysis provides an excellent understanding of the competitors and a thorough competitive analysis.
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