The combination of structured, unstructured data including the semi-structured is known as Big
Data. These data are used by organizations for mining out information and are used in machine learning projects, predictive modeling, and other advanced analytics applications.
It is not the amount of data that is important. It is what organizations do with the data that matters.
Big data can be analyzed for insights that lead to better decisions and strategic business moves.
Big Data is commonly used these days by companies, as they have ample information about the related products and services, buyers and suppliers, and even consumers that can be analyzed.
Big Data can be defined by 3 V's -
Importance of Big Data -
The importance of big data can be very well measured when companies collect them in their systems to - improve operations, create marketing campaigns, provide better customer service, and increase relevant profits. Business houses and companies have a potential competitive advantage as they utilize big data. They can make more informed business decisions if they use the data effectively.
Following are the advantages of using Big Data:
1 - Cost savings: Big Data tools like Hadoop and Cloud-based analytics can bring cost advantages to the business.
2 - Time reductions: High-speed tools like Hadoop can easily identify new sources of data and make quick decisions.
3 - Market conditions can be understood: You can understand better the current market conditions if big data is analyzed effectively.
4 - Online reputation control: Big data tools can help in getting feedback about who is saying what about your company. This will help in improving the online presence of your business.It is important to know that the data quality must be prioritized to ensure that the big data are clean, consistent and used properly and legally.
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