Big Data is seeing a continuous growth as organizations are leaving no stone unturned to tap its resources in order to make endless profits. Big Data has stood out to be the most obvious choice for business men as it ensures the fruitfulness and authentication of the data. One of the ways by which the data is tapped is through social media data as this has become quite a prominent platform of late.
Big Data has created revolution of sorts. It can be said beyond doubt that no man could have related to the exceptional results which the combined efforts of man and machines have done. After all, the data which was produced in 2011 was quite an enormous one as the same data was at par with the respective data(s) produced in previous years.
Digitalization has resulted in bombarding of information or “data volumes” in our personal as well as professional lives. Hence, due to exemplary results combined with the inevitable utilities which Big Data is synonymous with, it can indeed be surely said that companies are rightly inclining themselves towards the importance of big data which is all set to rule the world.
Big Data is rightly useful for business intelligence. Hence, in order to understand this aspect in a better manner, I need to define its three main features namely volume, variety and velocity.
- Volume signifies the enormous extent of data which is produced every now and then. It may be even be within seconds or minute.
- Velocity is denoted by the fact that data is continuously produced in a continuous and unabated manner. Therefore, it necessitates lots of companies to keep pace with the challenges of producing lots of data in a speedy manner in a specific amount of time.
- Variety signifies that the stream of data which is coming is uncontrolled and unstructured. All of this emanates in different formats as well as diverse channels. There is a specific challenge to make use of the content in such a manner, where value and useful information can easily be derived as well.
However, considering these three “Vs”, there is another V which is equally important and necessary and this is “value” as this one helps all of them in taking decisive actions. Value enhances as well as cements additional value.
Big Data makes way for new opportunities
There are new horizons which are opened by Big Data. It cements highly great value. Since, possessing extremely useful information indeed helps in creating a conducive situation by responding quickly to the prevailing market changes. Therefore, business indeed responds well to the changes which are made by removing every loop hole as well as the challenges which may come up with from time to time.
It can be said that if you want to use Big Data, then you need to identify the right applications. This Data is a sure-cut answer to all the Industry related problems.