Big Data

What is the Big Data?

Big Data means a large chunk of raw data that is collected, stored and analyzed through various means which can be utilized by organizations to increase their efficiency and take better decisions

Advantages

Velocity

The data streams in high speed and must be dealt with timely

Volume

Big data monitors the status of different sources, which as a result creates large amounts of data

Variety​

Data comes in all formats that may be structured

Why is Big Data Important for your business?

Time Reductions​

The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which helps businesses analyzing data immediately and make quick decisions based on the learnings.

Cost Savings

Some tools of Big Data like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.

New Product Development​

By knowing the trends of customer needs and satisfaction through analytics you can create products according to the wants of customers.

Understand the Market Conditions​

By analyzing big data you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.

Cost Savings

Some tools of Big Data like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.

Time Reductions​

The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which helps businesses analyzing data immediately and make quick decisions based on the learnings.

New Product Development​

By knowing the trends of customer needs and satisfaction through analytics you can create products according to the wants of customers.

Understand the Market Conditions​

By analyzing big data you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.

- A Competitive Advantage for Businesses