Today, big data is a prerequisite in any business enterprise. Data can be structured or unstructured, what matters is the amount of data. More data means more accurate analysis, which makes a strong foundation for accurate decision making. This makes business operations more effective and less risky at considerably low cost.
What is Big Data?
Today, big data is a prerequisite in any business enterprise. Data can be structured or unstructured, what matters is the amount of data. More data means more accurate analysis, which makes a strong foundation for accurate decision making. This makes business operations more effective and less risky at considerably low cost. Broadly, big data works on three V’s model: Volume, Velocity and Variety.
- Volume: Large chunk of data coming from different sources is a big concern. Challenge is to find relevant data from these large chunks.
- Velocity: Another very important aspect related to big data is velocity. Data streaming is at an exceptional speed that needs to be regulated. It is really hard to react to such complex data queries in real time.
- Variety: Data is coming in different formats including structured, numeric data and unstructured text documents, emails, audio, video, financial transactions etc. To manage such varied data is still a challenge for many organisations.
For a comprehensive understanding of big data, three more elements are introduced:
- Variability: The inconsistent data flow trends, commonly occurring in social media, is a big challenge for the data analysts. It greatly hampers data handling and managing process.
- Veracity: The quality of data captured can have variation that greatly affects the accuracy of analysis.
- Complexity: With the data coming from different sources, data management becomes a cumbersome process. It is a big challenge to link, match and correlate, which is needed to fetch the information from this data. This condition is termed as complexity of big data.
What is its importance?
With the large amount of data coming from different sources, utilization of data is a concern. Big data backed by high power analytical skills is the right choice. With the use of proper analytical tools dirty data can be removed and cleaned data can be optimally used for the betterment of business. Now, the issue here is how to bridge the gap between IT and business. If good data streams, which matter to both the parties, are gathered and analysed through powerful tools then end result would definitely be effective. Hence, the winning formula is:
Good data + Powerful analytics = Enhanced business outcome.
If you want your business to deliver the best, you need to utilize your big data suitably. For this, you need big data technology specialists who specialize in data management and analytics. Intellectyx is one such expert that provides in-house solutions customized to solve your company’s problem. We deliver desired outcome with our innovative and realistic techniques.
Be a part of progress, be with Intellectyx!