Big Data represents to have the large amount of data which is structured, semistructured and unstructured, also has the potential to be the deposit for information. It describes the huge volume of different, complex and changing data, received from a different data source. With a help of traditional data software and management tools, handling and managing big data are difficult. Big data can be for penetrations that drive to great choices and important business development.
Big data, pieces of information are obtained from the internet authorised services like social media and other related sources. The important parameters of Big Data are characterised by 3 V’s.
Volume – Large amount of data are generated through websites, social media and online applications etc. For example take Facebook people are uploading their pictures, videos, sharing locations, updating the travel details etc. Still, like Facebook, we have more sites called Twitter, Instagram, Youtube etc. We can now visualise the furiously large volume of data that is generated every minute in this world. With Big Data, able to treat high volumes of low-density data. Volume is one of the significant parameters which is considered while working with Big Data.
Velocity – The speed at which this data is being generated. The generation of data including both receiving and action did with that data. The speed of data origination and processing determines the potential of the data. Every day 3.5 billions of searches are done in Google same as in Facebook more than 350 millions of new photos are uploaded. Processing and functioning with this original data stream will determine the real potential of the data. Velocity is also one of the important parameters in the Big Data.
Variety – More variety of data are used with different formats in the Big Data example, structured, semi-structured and unstructured. These data are generated both by humans and by machines. These data are not just limited to the test data or structured data from the database. There are different types of numeric, audio, video, photos, tweets, pdf, CSV files etc. All these data need different types of processing and approach to determine the meaning out of it. This is also one of the necessary parameters in the Big Data.
Importance of Big Data
With help of Big Data, business people are able to use forecasting to calculate their sales, the success of new products and innovation, how a design modification altering the growth etc also people able to know whatever they want. Lots of business people are interested in examining the future trends for their business and competitors. While having more data we can easily use the forecasting for the more accurate purpose so applying big data collection tools is very important. A company that can make more accurate forecasts is one step forward of its competitors.
Behavioural of customer also analysed by the use of Big Data. Business people always have some questions in their mind regarding the customer’s expectation. For example, What brand they like? What kind of product people have it? How do people respond to the discount and low price? Big Data helps to get the answer to all these questions and more than that and collect all the possible information about the customers. Current big data platforms such as Kafka Consumer hold quick, simple analysis that doesn’t need an advanced degree in data to be taken out. With these things able to reach the customer expectation with new products and penetrate into the new level of the market.
In process development, a company needs to consider their own products to see if there are any issues that can be improved. For example, a cosmetic manufacturing needs to take a review sections among the customer if any issues are raised by customer need to take action immediately. A hospital might want to review the finished cases to look for any action to decrease medical mistakes and mistaken diagnosis etc. All these situations are analysed and able to fix it if the companies have enough data to find out the exact problem. Spending time and consideration to collect all the data about the customer, companies can drive bigger profit to the organisations.