Big data is a term for very large sets of data that can only be stored, understood, and used with the help of special tools and methods. The data is likely to come from sources like mobile devices, emails, search keywords, user database information, applications, and servers. By finding ways to comb through this data, companies can use it to get to know and understand their customers’ needs and preferences.
Three three V’s of Big Data
Volume – Big Data is made up of huge volumes of data, that is mostly unstructured.
Velocity – Velocity refers to the rate at which the data is gathered. Due to its nature, big data has a high velocity of incoming data.
Variety – The data received will be of many different types. These would include text, video and audio and would be both unstructured and semistructured.
Benefits of Big Data
- Product and service development, improvement & innovation
- Ability to predict more accurately potential issues and need for maintenance
- Improve customer experience, reduce customer churn and increase loyalty
- Machine learning and AI
- Risk management
- Improved customer service and day-to-day ruining of business efficiency
Disadvantages of Big Data
- Large volumes of data are still hard to deal with, especially is you do not have the appropriate technologies in place
- Curating and preparing the data takes majority of data analysts time