What is Big Data?
Big Data;
- Increasing volumes and more diverse data reaching higher speed than ever before.
- Especially larger, more complex datasets than new data sources.
- Cannot be managed with traditional data processing software.
- It can be used to solve business problems that you have failed before.
- It marks the beginning of an era that revolutionized almost every industry.
- Usually defined as “3 V” (Volume Variety Velocity):
Volume: Data ranges from terabytes to petabytes.
Variety: Contains data from a wide variety of sources and formats (eg blogs, social media interactions, e-commerce and online transactions, financial transactions, etc.)
Velocity: Increasingly, insights are provided, from the generation of time data of businesses to the time that can be applied to users. Therefore, data needs to be collected, stored, processed and analyzed in relatively short windows until real time.
Why Big Data Matters?
Big data focuses on what to do with how much knowledge it has. It takes data from any source and analyzes them to find answers that save money and time, new project development and optimized recommendations, as well as intelligent decision making. When big data is combined with powerful analysis, business-related things can be realized:
- Identify the root causes of real-time errors and problems.
- Creating coupons for sales based on customers' buying habits.
- Recalculating the risks of new portfolios.
- Detecting wrong behaviors before they affect functioning.
Looking to the Future with Big Data
The data change our world and lifestyle at an unprecedented rate. The ability to take advantage of big data will become increasingly critical in the coming years.
