In today’s technology era, Big Data is probably a name that is no longer strange to many people. When hearing this term, people often think of huge amounts of data. But do you know the great benefits it brings? More specifically, what is Big Data? Let’s find out all through the following article.
I. Learn about Big Data
1. What is Big Data?
Big Data is a large amount of diverse information appearing in increasing volume and at an increasing velocity. These data are usually stored in computer databases and analyzed using software specifically designed to handle large and complex data sets.
Big data can be structured, semi-structured, or unstructured data. Of that, about 80% of all big data is unstructured.
In particular, big data is mainly collected through search engines, social networking platforms, mobile phones, smart TVs,… and other sources that businesses can access to exploit.
Big Data is huge and complex data sets – Image: eduba.com
2. Application example of Big Data
Uber is a well-known technology taxi service brand. The business has been monitoring its big data to predict increases in demand and changes in driver availability. That information allows the company to set a reasonable price for the trips. At the same time, provide incentives to meet customer satisfaction.
II. Features of Big Data
Volume
The size of the data plays an important role in determining the value of the data. Whether a particular data is considered Big Data will depend on the volume of data.
Velocity
Velocity refers to the speed at which data is generated. Streams of data must be processed and analyzed at lightning speed. For example, Google gets 3.8 million searches per minute.
Variety
Diversity refers to the different sources and forms in which data is collected. Such as text, number, email, video, image, audio,…
Big Data consists of 3 outstanding features – intellipaat.com
III. The benefits that Big Data brings to businesses
- Better Decision Making:
Big data analytics promotes decision making to a large extent. It gives decision makers the insights they need to help the company grow and compete.
- Market insights:
Big data helps businesses track and analyze complex customer shopping behavior in more detail. From there, it is possible to deepen and expand the business’s understanding of market needs.
- Improve customer experience:
Big data helps businesses understand their customers better. From there, deliver more personalized products and services, improve customer satisfaction, and build lasting relationships.
- Flexible supply chain management:
Big data enables predictive analytics, keeping global production and distribution networks up and running most of the time.
- Improve operations:
By analyzing the signs of potential problems, organizations can implement more cost-effective maintenance and maximize the uptime of parts and equipment.
Big Data brings many great benefits to businesses – Image: lessek.com
IV. The challenges of Big Data for businesses
- Lack of talent:
Finding IT professionals who analyze big data is not an easy thing. Also, hiring professionals can be very expensive, especially for startups.
- Data Quality:
In the Syncsort survey, the number one downside to working with big data is that businesses need to address data quality issues. Because otherwise, the insights generated by data analysis are worthless, or even harmful if manipulated.
- Cybersecurity Risks:
Storing big data, especially sensitive data, can make businesses a target for cyber attackers.
- Constantly changing:
Data volumes typically double in size every two years. Businesses have to struggle to keep up with their data and find ways to store it efficiently.
Big Data can hide some risks for businesses – Picture – bernardmar.com
Conclusion
Hope this article can help you understand more about “What is Big Data?” Although there are still challenges, when put on the scale, Big Data is still an extremely useful resource for businesses today.
In short, big data has the potential to create countless new business opportunities. Are you making the most of the multitude of data sources in your company? Invest in big data to understand your target audience and make smarter decisions to engage your customers today!
At BAP Software, we provide Big Data services including data analysis, storage and security,… With a team of professional engineers and practical experience from outsourced projects as well as BAP’s startup projects, we can provide the best support for businesses.
