Big data is data that contains more diversity, coming in increasing volumes and at a faster speed than ever before. It is a term that defines both planned and unplanned large volumes of daily data of a business. It’s not the amount of data that matters, it’s what businesses do with the data. Big data should be analyzed to make better decisions and make strategic moves in business life.
Big Data
To put it simply, big data is more complex and larger data sets from new data sources. Because these data sets are very large so, they cannot be managed by traditional data processing methods. Large data sets are used to solve business problems that we have never been able to overcome before. The concept of big data is expressed as “3Vs”. This concept includes volume, velocity and variety.
Volume: Organizations that operate with big data, collect data from many different sources. These resources include commercial transactions, smart (IoT) devices, industrial equipment, videos, social media applications, etc. For some organizations, this amount of data is tens of terabytes, for other organizations this amount can be hundreds of petabytes. Although data storage was a problem in the past, today with many different platforms it is both cheaper and easier.
Speed: With the growth of the Internet of Things, data is flowing to businesses at an unprecedented pace, and this data must be processed on time by businesses. RFID applications, sensors, smart meters etc. they form the main sources of fast flowing data stacks.
These applications run in real time and likewise require real time evaluation and action.
Diversity: Refers to the many different types of data available. Data comes in many different formats such as structured data is numeric data in traditional databases, unstructured text documents, e-mails, videos, sounds, stock data and financial transactions
How Big Data Works
Businesses should consider how data flows between multiple locations, sources, systems, owners, and users before using big data for themselves. Big data provides new insights that open new opportunities and business models. Getting started with big data requires three basic actions:
- Integration
- Administration
- Analysis
Big Data Application Areas
Big data helps us handle a range of business activities, from customer experience to analytics. An example for these activities;
- Product Development
- Predictive Maintenance
- Customer Experience
- Machine Learning
- Operational Efficiency
