Big Data –  All You Need To Know

Big data

In this technological world, people are looking for a feature that combines cloud computing and artificial intelligence in a single platform. So, here is big data, where you can get both features together. Moreover, cloud computing is a computing model that manages the supply of databases, storage, networking, software, analytics, and other computing resources. In contrast, artificial intelligence can mimic human intelligence. It enables computers and devices to perform tasks like humans.

Big data Overview

Big data combines AI and cloud computing, making users’ lives easy by using advanced tools that align with their interests. However, it is slowly replacing the traditional method. It helps the organisation implement a personalised learning path for its users. Moreover, these big data became famous in early 2000, and by then, it had created a storm. Big data contains a combination of big, complex, and growing datasets, which leaves behind traditional data processing tools. However, this new data is more advanced, big, and complex and follows the characteristics.

What are the characteristics of Big Data?

The characteristics of Big data depend on 3vs:

  • Volume: Volume is the first characteristic, large and measured in terabytes, petabytes, and zettabytes. These large amounts of data are stored in a big data system. However, the traditional data system deals with small data. It also includes structured, semi-structured and unstructured data. In this big data system, the data stream from many sources demands real-time processing.
  • Velocity: Velocity is the second characteristic, which depends on the speed at which data is generated, collected, and examined. It also measures the speed at which the data is created and the frequency with which it changes. Furthermore, it has high generated rates, which creates a high volume of data that needs to be processed, and the data comes from natural ways like sensors, social media and more.
  • Variety: he third characteristic is variety, which means that different types of data are also prepared from structured, semi-structured, and unstructured data. However, structured data means traditional data is organised into tables and columns like spreadsheets. Furthermore, Semi-structured data is like having this information written down more informally. It might be in a document with headings and paragraphs or a file such as XML. Lastly, unstructured data need structures like text, images, videos, etc. However, apart from these three main characteristics of big data, we have two more, which are variability and veracity:
  • Variability: Variability means the fluctuation in data over time, space and dimensions. Similarly, these data are high in volume, variety and velocity.
  • Veracity: Veracity means the quality and accuracy of the data. Also, these data are free from errors. Overall, it is mainly for the accuracy of the information. 

What are the benefits of big data

The main benefits of big data are:

  • Customer Experience: It improves the customer experience by providing insight into the customer’s behaviours, which were traditionally inaccessible. Moreover, organisations can have an advantage as they can use the insight of customer behaviour in their social media campaign by dividing the tastes as different customers have unique preferences.
  • Enhance decision making: It has helped the organisation enhance the decision-making process by keeping an eye on the customers’ choices, which helps the business make decisions. This also improves the customer experience and engagement. 
  • Risk management: It helps the business manage the risk and save from fraud by providing decision-making that understands the risk factors. It also helps them to assess risk management, implement strategies, and more. 

Why is big data important?

Big data is important because it can improve decision-making in many ways. By analysing large amounts of data, businesses can also gain insights into customer behaviour, market trends, and operational efficiency. This information can also be used to make better decisions about product development, marketing campaigns, and business strategies. Additionally, big data can be used to detect fraud, identify risks, and improve customer service. As the amount of data available grows, big data will become even more important for businesses that want to stay ahead of the competition.

What are the pros and cons of big data

The pros and cons of this platforms are as follows:

1.Enhances decision-making experienceCan be expensive
2.Improves customer experiencePrivacy and security concerns
3.Important in product developmentPoor data quality 
4.Personalised marketing for customerCan be complex

To Wrap Up with

Big data is important for businesses and organisations as it uses advanced tools to improve traditional data. Also, by implementing this data, they provide a personalised learning path which is useful for users. However, this data has many benefits, such as enhancing customer experience and choices, which is important in product development. Also, it has a few areas for improvement, such as being expensive, having concerns about privacy, and sometimes providing poor data quality. 

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