What is Big Data and Why is it Important?
Data is everywhere now, so much so, that data cleansing is significantly important. This means businesses perform Big Data analytics which is the field to analyze and extract valuable data that enable them to make proper conclusions.
Data quality helps in making predictions and forecasting the future of your business. Further, it also helps in creating a trend about the past.
Big Data is a complex technology that is understood by skilled professionals in statistics, engineers, scientists,
and others with computer technology skillset.
How to understand Big Data
What is Big Data – Big Data is a combination of structured, unstructured and semistructured data acquired by organisations that is datamined for information and applied in machine learning (ML) projects, predictive modelling and other analytics operations.
Popularly known the three V’s of Big Data are :
Volume – Large volume of data in many environments
Variety – Wide variety of data types most often stored in Big Data systems
Velocity – Velocity at which large sets of data are generated, collected, and processed.
The three characteristics of Big Data were first identified by Doug Laney in 2001 and later by Gartner.
In recent times, more V’s have been added such as – veracity, value, and variability.
Another important aspect is, Big Data deployment is often categorized in Terabytes, Petabytes, and Exabytes of data collected over time.
Importance of Big Data
Companies use Big Data in many ways and it widely helps in making improvements in business operations, provides better customer service, launches personalized marketing campaigns, and drives many new actions that result in the increase of revenue and profits.
A comparative view of businesses brings a competitive analysis that enables faster and better business decisions.
To detail further, Big Data provides valuable insights to understand customers that businesses can use to remodel marketing, advertising, and promotion that drives customer engagement and conversion rates.
Past and real-time data can be analyzed to assess the evolving preferences of consumers thereby enabling Big data deployments, helping businesses to become more responsive to the wants and needs of customers.
Big Data Usability
Across all verticals, the valuable analysis drawn from data analytics is utilized for numerous research and conclusive decisions.
For example, medical researchers and scientists identify signs and risks to diagnose illnesses and medical conditions in patients.
For the purpose of data analytics, a combination of data is derived from health records, social media sites, the web, and other sources.
Other industries include – Energy, finance, manufacturing sector, supply chain, logistics, and several others.
Government agencies also use Big Data for the purpose of emergency response, prevention, and smart city initiatives.
Benefits to Business – Big Data the management revolution
With the most valuable and in-depth insights derived from data enabling the most significant decisions, more businesses are now relying on the valuable Big Data technology.
Some of the top highlights of benefits to businesses are:
- Brings better customer insights
- Enables improved operations
- Helps in insightful market intelligence
- Enables agile supply chain management
- Brings data-driven innovation
- Makes smart recommendations and targeting
Big data statistics for 2021
According to Statista, a report states that the total amount of data consumed globally is at:
- 64.2 zettabytes in 2020
- 79 zettabytes in 2021
Projected to grow to over 180 zettabytes up to 2025.
Decisions based on the volume of Big Data
BARC stated that organizations are able to draw the benefits from Big Data.
69% of Big Data helps in making better strategic decisions
54% enhances operational process control
52% offers a better understanding of consumers
47% in effective cost reduction
Organizations also report that they have achieved an 8% increase in revenue and a 10% reduction in costs.
According to Statista, the Big Data market is expected to grow up to US$103 Billion by 2027 and of this 45% of its share comes from the software segment.
The market is also expected to receive annual revenue of US$274 billion in 2022.
Forbes predicted that more than 150 zettabytes or 150 trillion gigabytes of real-time data will require analysis by 2025.
Forbes also found that over 95% of companies require help to manage multiple sets of unstructured data while 40% of companies stated that they need to work with Big Data.
Big data management consists of huge amounts of information. It cannot be stored or processed by using traditional data storage mechanisms.
So, what’s the best alternative?
Raw data is segregated, structured, and refined and is stored in well-defined rows and columns as this is specifically called Relational Database Management Systems or RDBMS.
Trending technologies in 2022
With change happening rapidly with the most sophisticated and advanced Internet technologies, it is now apparent that technology in some part is helping in our daily lives.
Most of all smartphone technology is already successful at the forefront, connecting to the Internet has made the users stay with the benefits.
So, the world is small now on a handy screen, the smartphone.
Imagine, how the working world would be if cloud technology was not available during the pandemic period?
What if zoom software was not made available?
These some of the unpredicted and unforeseen periods did not affect the lives of millions of employees and businesses as they were able to work online with the medium of cloud technology.
This is absolutely staggering.
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Technology is helping not only in business, but also in improving the lives of common people to stay connected with news, work, health, and in transforming the lifestyle to access their needs.
With this fold of technology, we are fast heading towards other new trending technologies.
What are they?
Here’s what we can go forward in 2022.
Internet of Behaviours (IoB)
Intelligent Process Automation (IPA)
Big Data Analytics
Artificial Intelligence (AI)
As new technologies emerge, the current and trending technologies like Cloud platform, Big Data, IoT, Machine Learning, and Microsoft Systems technologies continue to drive businesses and consumers and this is certainly a phase of change in this technology era.