The importance of Big Data

Lately, everyone is talking about Big Data. Everyone thinks everyone else is doing it, but the truth is that very few are on Big Data and not everyone is doing it well.

First, we all have heard once big Data but what is it?

Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.

But why is it so important?

The importance of big data doesn’t revolve around how much data you have, but what you do with it. You can take data from any source and analyze it to find answers that enable 1) cost reductions, 2) time reductions, 3) new product development and optimized offerings, and 4) smart decision making. When you combine big data with high-powered analytics, you can accomplish business-related tasks such as:

• Determining root causes of failures, issues and defects in near-real time.
• Generating coupons at the point of sale based on the customer’s buying habits.
• Recalculating entire risk portfolios in minutes.
• Detecting fraudulent behavior before it affects your organization.

What industries can use Big Data?
• Banking
• Education
• Government
• Health care
• Manufacturing
• Retail

Is your company in one of those industries? Do you want to know more about Big Data? Contact us!

 

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