Big Data: What you need to know
What’s Big Data and how can businesses take advantage of it to their best abilities in 2020?
While there are many things important to businesses, few are more important than data. Data can help businesses make a ton of important business decisions. These can ultimately save the company a lot of time, money and hard work. This data includes everything from personal information, customer behaviour, gender, age, and many others.
As you could imagine, there is a ton of data out there and the industry is only going to get larger and more important. In fact, experts believe that by 2025, there will be 463 exabytes of data created each and every day. For reference, that is 463 billion gigabytes of data, created daily. This shows just how much the data space is evolving and how important it has become.
One area of the data space that has been getting a lot of buzzes recently is big data. Unfortunately, the term “big data” can be a tad confusing at times. Thankfully, we’re here to help.
What is Big Data?
Big data is a definition that is hard to pin down. Several experts and publications have a different idea of what big data actually means. Generally, big data is a term for incredibly large, varied and complex sets of data.
Also, many follow the “3Vs” model for big data, which was defined by Gartner. It says that big data is data that is high in volume, velocity, and variety. In order to analyse these incredibly large sets of data and get useful information, it often requires robust, innovative and potentially expensive methods of information processing.
In the past, managing a few pieces of data was easy as most companies didn’t use robust data analytics and only tracked or held certain types of information. But in the modern-day, this has changed in a big way. Companies need advanced methods to analyse this data and extract helpful information from it.
Why is it Important?
So why is big data important? Well, in simple terms, big data helps companies gain a competitive advantage and make better decisions. The more stats, analytics, and data you have to help with business-related choices, the better those choices will likely turn out for you. Big data can help businesses choose which marketing strategy to use, which product to promote, how to improve their customer service and literally hundreds of other things.
Using and analysing big data can also help make customers happier, deliver higher profits and generally have a more efficient company. Without big data and the method and processes to analyse it, businesses simply wouldn’t have as much at their disposal to help them make good decisions.
Check out the big data log analysis tool to find out how you can get started.
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