Big data means really a big data, it is a collection of large datasets that cannot be processed using traditional computing techniques. Big data is not merely a data, rather it has become a complete subject, which involves various tools, techniques and frameworks.
The term big data, especially when used by vendors, may refer to the technology (which includes tools and processes) that an organization requires to handle the large amounts of data and storage facilities.
The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making.
An example of big data might be petabytes (1,024 terabytes) or exabytes (1,024 petabytes) of data consisting of billions to trillions of records of millions of people—all from different sources (e.g. Web, sales, customer contact center, social media, mobile data and so on).
Big Data is defined as the three Vs:
- Volume: big data doesn’t sample; it just observes and tracks what happens.
- Velocity: big data is often available in real-time.
- Variety: big data draws from text, images, audio, video; plus it completes missing pieces through data fusion.
The companies have already shown that they can analyze big data successfully to achieve cost reductions, faster and better decisions, and even new offerings for customers.
It’s clear that the big data era will be one of dramatic business opportunity – don’t wait too long to exploit its potential.
For more information, please contact us here.