Identifying Big Data And It’s Importance To The Business Sector

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Big data is basically a term used for describing data in bigger volumes without any kind of segregation on the structured or unstructured level. However, it is not important on the total volume of data that’s being dealt with; what matters most is the purpose that the data serves for an organization.

Looking Back At the History

Big Data is a relatively new concept. However, the process of collecting and storing large amount of data for analysis purpose is not a new one. It has been followed since the ages. However, the right momentum for concept was gained during the early part of 21st century with massive evolution of Information Technology. Renowned industry analyst Dough Laney envisioned the concept of Big Data and explained its merits in association to the 3 Vs.

These read Volume, Velocity, and Variety. The concept of Big Data concept relies heavily upon these 3 Vs.

Volume – Large volume of data are being collected from different sources like social media, business transactions, and machine devices. Storing could have been a problem in the past but with new technologies like Hadoop have made scenarios easier.

Velocity – Time management is crucial and plays crucial role in the data streaming process. The introduction of Sensors, Smart Metering, and RFID tags helps in dealing with large volume of data streaming.

Variety – Data is available in different variety and formats. Be it the structured or numeric types to those traditional databases and unstructured ones through email, video, and stock ticker, every data is important no matter in what form they are available.

These days, apart from the 3 Vs, there are additional 2 factors to consider. These are Variability and Complexity.

Variability – Flow of data can be inconsistent at regular intervals. It can be challenging to manage seasonal, event-triggered, and daily data. And if the data is unstructured, scenarios can even worsen.

Complexity – Data is available from multiple sources. This makes it even more difficult to get them transform across the systems. But it is essential to correlate and connect hierarchies, multiple data linkages, and relationships or else the data may quickly get out of control.

Importance of Big Data

When big data is combined with highly powered analytics, nearly most of the business related tasks can be accomplished with ease.The concept of Big Data like Hadoop can be used to analyze business insights of an organization for better decision making and improved strategic moves.

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