The Big Data refers to large, highly interrelated data sets from a wide variety of sources that are difficult to manage with traditional data processing tools and methods.
Three Vs of Big Data
There are three V's that define the characteristics of Big Data and that differentiate it from traditional small-scale data analysis. The three Vs of Big Data are:
Volume
Big Data is characterised by the handling of gigantic volumes of data, the likes of which have never been seen before. It is estimated that 2.5 trillion bytes of data are generated daily, and this figure is increasing year after year. This is why it is common for companies today to have terabytes and even pentabytes of data.
Speed
Once upon a time, companies did not value data as much as they do today. In fact, data is used to make important business and strategic decisions. Some data comes to us on a regular basis and some we need in real time.
This is why another feature of the Big Data is speed, as the periodicity with which we obtain certain data must always be taken into account when analysing large volumes of data.
Variety
In the past, data shared the same format and was stored in data files such as Excel or Access. Now, however, data is analysed in all formats: videos, txt, pdf, social media posts, or information coming from smartwatches and other alternative devices.
That is why Big Data comprises all possible data that we can extract from databases and data warehouses, This requires increased analytical and data processing capacity.
Big Data in business
Every big company wants to be data-driven, They want to extract market and productivity data to analyse it and draw revealing conclusions that allow them to understand their audience and optimise their sales and work processes.
And this is noticeable in the labour market, since in recent years Big Data is a recurring theme for businesses that deal with large amounts of data. And not just marketing or IT services companies, but also companies in such diverse fields as fashion, leisure, agriculture, environmental protection and, notably, medicine.
More specifically, Big Data in business serves to:
Customer behaviour analysis
Companies use Big Data to analyse the behaviour of your customers and obtain information about their preferences, needs and purchasing habits in order to personalise offers and marketing campaigns, improve the customer experience and increase customer loyalty.
Data-driven decision making
Ehe Big Data provides companies with valuable information It enables us to identify trends, detect market opportunities, optimise the supply chain and improve operational efficiency.
Improving product and service quality
Companies use Big Data for collecting and analysing quality data of your products or services to identify areas for improvement, solve problems and ensure customer satisfaction based on their impressions and buying patterns.
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