BIG DATA AND BUSINESS
K.Thirugnana Sambanthan
Professor,
Sankara Institute of Management Science
Big Data is a term used to depict collection of data that is enormous in size and yet increasing exponentially with time. A data is so large and complex that none of the traditional data management tools are able to store it or process it efficiently. Bigdata can be categorized into three: Volume, Velocity and Variety.
Volume: Organizations collects the data from relative sources, which includes business transactions, social media and information from sensor or machine-to-machine data.
Velocity: Data streams unparalleled speed of velocity and have enhanced in timely manner. RFID tags, sensors and smart metering are driving the requirement to deal with torrents of data in real time operations.
Variety: Data comes in different form of structured, numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions. Bigdata based on variety is categorized into Structured, Semistructured and Unstructured.
The challenges in Big data is data analysis, search, sharing, transfer, visualization, querying, updating , information privacy, capturing and storage of data.
Examples of Big data : Facebook, Whatsapp, Stock Exchanges, Transportation.
Importance of Bigdata
Each and every company has its own way of using data. If the company uses the data more efficiently it will have more potential to grow. The company can collect efficient data and it can analyze it effectively.
- Bigdata can help in creating new product since the needs and want of the customer can be clearly analyzed and tabulated.
- Bigdata helps in analyzing the market condition correctly thereby gives a competitive edge over the Business competitors
- Bigdata can do sentiment analysis. It gives correct feedback about the customer’s perception and it also contains tools which can help in improving the online presence of the company.
- Big data can bring cost advantage to the business since large amount of data are to be stored and the tools provided by Bigdata helps in enhancing the Business effectively.
- The tools of Bigdata helps in Time Reduction since they can process large amount of data quickly. This helps in quick decision making.
Role of Bigdata in Business
Every big business organization requires precious data and insights. Big data plays a very vital role in finding the target customers tastes and preferences. Bigdata can help in predicting Customers needs. Bigdata helps in achieving Business Goals. Bigdata can help the organization to advise relevant products and services to the customer. Bigdata helps in making Strategic Decisions. Bigdata helps in maintaining operational efficiency in an Organization.
Internet of Things(IOT) and BigData are the vital technologies in the current Business World.
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