It is impossible to imagine the world without Data. Anything to everything that we are using online contributes to some data which is exponentially growing each day. More than trillions of bytes of data are created each day, which is a huge quantity. The number of online customers increasing rapidly, the concept of a digital world coming into the picture, the increase of social media, increasing number of people accessing the internet are all the factors contributing to Big Data.
Big Data (which is big by its name) are large and complex data available today that is hard to analyze through traditional methods. The name has got its significance due to its availability in large amount. According to Gartner, Big Data is high-volume, velocity and variety information assets that demand cost-effective, innovative forms of business processing for enhanced insight and decision making.
Big Data can be classified into 3 types
Data in an organized form and stored in a specific format comes under this category. You could take the example of the data of the employees in your company properly organized and stored in a database which is stored in a specific format.
Unstructured Data refers to the Data that is not available in an organized form and neither stored in a specific format. It is randomly distributed which makes it hard to analyze and draw inferences from. You could take the example of your e-mail messages when referring to unstructured data.
Data which is not structured in the sense that it is not stored in a database like Structured Data, but is easier to analyze and draw inferences from are semi-structured Data.
Uses of Big Data
Big Data is helpful to business and is used by the organization for various purposes
For any business to gain profit the value of its output should be more than its input. This is what operational efficiency is, i.e., achieving profits. Analyzing Big Data and determining the key areas to focus to achieve greater output helps companies to improve their operational efficiency.
Companies are always analyzing big data to find profits or losses incurred as a result of past decisions and thereby takes improved decisions that lead to profits for the organization.
An online shopping company or the companies having businesses online improve their customer service by analyzing the interests of the customers and accordingly providing the services to the customer which he likes and interested in.
Companies and organizations are using Big data to analyze past records of their customers and detect fraud made in the future. This helps the company to protect itself from any harm.