By Kevin Patel
Data is being constantly created. The rate at which data is growing is incredible. About 2.5 quintillion bytes of data is being created every single day and 90% of data in the world today has been created in just the last two years alone! This gave birth to Big Data. Let us learn more about it.
What is Big Data?
Big Data can be defined as the data that is so big that it cannot be analyzed or mined for information using the traditional data processing application tools, traditional database and software technologies owing to its big size. It can even pose an issue when the data moves too fast or exceeds the current processing capacity. The data can be structured, unstructured or semi-structured. The volume of data doesn’t hold as much importance as compared to what you do with that data.
Businesses must understand how valuable big data can be when it is utilized well. By analyzing the data and gaining insights from it, you can improve the business operations significantly, optimize customer engagement, capitalize new sources of revenue and make informed decisions. You can even use the insights to prevent fraud and threats to your businesses and customers. Since big data is high-volume, high-velocity and high-variety information asset, innovative and cost-effective methods must be employed to process information to offer better insight and help in the decision-making process.
Future of Big Data
It won’t be incorrect to say that big data has greatly impacted the business world. But what does its future hold? Will big data grow or fade in the near future? Let us take a look into it.
Big data still has its own set of challenges but with time they will be addressed to successfully. It will get much bigger than what it is today and companies must embrace it, if they haven’t already. Those who ignore it or are impervious to what they can gain from big data, they will find themselves far behind everyone else. Plan for the growth of data and let data offer you the competitive edge.