What Is Big Data And Its Importance In The Business World?

How much information can we process throughout the day? In a globalized world, where any question is resolved or increased at the click of a button, it is difficult to assimilate all the data we receive on a daily basis.

Information is undoubtedly powerful, but data that cannot be analyzed can remain on paper. Hence, the importance of what we know as Big Data, whose implementation is revolutionizing the business world.

What Is Big Data?

Big Data is a massive data analysis. It consists of storing such a large amount of data that the data processing software applications that have been used until now are unable to cover.

The data that is collected can come from various sources. Currently, we have a large amount of information available worldwide that is growing exponentially over time. But where does all this information come from?

  • People: any action that we can consider habitual is a very valuable source of data. An email, a tweet, or even the insertion of a link to the Internet.
  • Machines: they store data that we have previously entered. For example, the registration of a car is registered in a parking meter, the electricity meters of a house, the connection to a Wifi network.
  • Biometric: through facial, eye, or finger recognition devices, user data is collected.
  • Internet: the great source of data par excellence. The marketing sector moves through established objectives after analyzing the behavior of users on the web.
  • Transactions: mostly it is data that we leave in e-commerce after buying. Something similar occurs in a financial institution after a transfer or in certain apps for the reservation of a train, plane, or bus ticket.

The Data Never Sleeps report, produced by the cloud-based operating system Domo, predicts that by 2020 each person in the world will create 1.7 MB of data every second. Taking these estimates as a reference, it becomes essential to control, process, store, and, above all, analyze all that information.

Types Of Data That A Big Data Can Store

The character of the data has greatly evolved in the last decade. There are several types of data differentiated according to their structure and considered Big Data:

  1. Structured data: they are the most traditional. They refer to numbers, character strings, and event dates.
  2. Unstructured data: mostly based on documents. They are stored as they come because there is no way to break down your information. We are talking about PowerPoint presentations, PDF files, or word processors.
  3. Semi-structured data: they are those that are in continuous evolution because their parameters are changing. In this category would be the HTML language, the tags that are entered on a website.

Features Of Big Data

Big Data has a series of characteristics known as V for starting all these properties with the same letter of the alphabet. These include:

  • Volume: as we have commented, the large amount of information we receive on a daily basis is increasing. As the number of data increases, so must the capacity of the applications to store it.
  • Speed: immediacy is one of the characteristics that marks our society. We want the information here and now. Therefore, the speed at which the collected data must be analyzed has to be almost in real-time.
  • Variety: the data is stored in a multitude of possible formats. From numbers, through text documents, to audios or videos.

The Importance Of Big Data And Its Importance For Companies

The importance of Big Data is not given by the simple fact of collecting the data, but by the analysis and the subsequent use that we can make of that data.

Undoubtedly, Big Data is a very useful tool among companies and is revolutionizing the way of seeing business. It provides them with answers and even solutions to problems that even they themselves did not know about. Collecting large amounts of data and interpreting it can even be the key to business success or ruin.

Do you think that e-commerce does not increase its turnover when it returns again and again to offer that product that you finally end up buying? It does this by collecting data, analyzing it, deciphering your tastes and interests, and offering you what you want to buy without your knowing it.

It is a fact that companies that incorporate Big Data among their work tools achieve value in the following aspects:

  • Costs: more efficient ways of doing business are detected and the way of working a department can even be recomposed in order to increase its productivity.
  • More efficient and faster decision making: collecting data in real-time allows us to be more decisive. Determine the root causes of faults, problems, and defects almost as soon as they are occurring.
  • New products and services: we can know the specific needs of our clients and their level of satisfaction. With all this information we can create products and services that adapt 100% to your profile.

The Use Of Big Data According To The Type Of Company

The use that a company can give to Big Data varies depending on the type of business and the analysis it performs of that data.

  • Administration: the collection of data from citizens allows to go one step ahead in the management of public services. Among the applications, it could be considered to solve traffic congestion and even improve the transparency aspects of administration.
  • Hospitals or health centers: analysis of patient records, health insurance information, or their history. Big Data helps to speed up decision making regarding diagnoses and subsequent treatments.
  • Tourism: customer satisfaction is the great premise of companies focused on the tourism sector. Knowing the consumer’s needs and even anticipating their requests increases the degree of satisfaction and is the key to success.
  • Manufacturing companies: with reliable data analysis on the table, these businesses can raise the quality and quantity of their production, with little loss. It allows them to make decisions in less time, more efficient, and agile.
  • Retail: Big Data helps retailers, above all, to satisfy the demands of their customers. With huge amounts of data at your fingertips, careful analysis can lead to increased loyalty, successful shopping habits, or even the creation of new products that satisfy the user.
  • Banks: the banking sector can not only use Big Data to increase customer satisfaction but also to minimize risks and possible fraud.

    These are just some of the examples that Big Data can bring to the business. However, there is much more. The essential and important thing is to do a thorough and effective analysis. Then it is up to each company to take the step and make decisions that suit those conclusions.

Big Data offers infinite possibilities for the business world and, without a doubt, its potential has only just begun. As more comprehensive tools are developed, the information will become more accessible and, therefore, treatable for any organization.

TechSmashers
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