‘Big Data’ can be described as a large volume of both structured and unstructured data that inundates a business on a day-to-day basis. What is important is not the amount of data, but what needs to be done with such huge data that is generated. What the organizations do with the data is what matters. Big Data analysis is done to get insights into the business that will help lead the organization to take better decisions and make strategic business moves.
On a global level, the large amount of data that is being created is almost inconceivable and just keeps growing. It means there is even greater potential to gain key insights from business information – yet only a small percentage of data is actually analyzed. What does that mean for businesses? How can they make better use of the raw information that flows into their organizations every day? Why Is Big Data Important?
The importance of big data does not 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:
- Cost reductions
- Time reductions
- New product development and optimized offerings, and
- 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.