Why is Big Data Important in Today's Era?
Nowadays, new websites and apps are being developed every day, which not only results in more people using the internet, but also an immense amount of data accumulating online. Let’s take the example of social media, millions of people connect with each other online everyday, exchanging huge amounts of information and data online.
Does this ever make you wonder how all of this data is managed and handled? There must be some tool or medium to regulate and store this data. Well, yes there is, and it’s called big data.
Today, we will be talking about the importance of big data. To learn more about big data, continue reading the article.
What is Big Data Technology?
So, what exactly is big data? According to Wikipedia, “Big data is a field that deals with methods for analysing, systematically extracting information from, or otherwise dealing with data sets that are too large or complex for traditional data-processing application software to handle.”
According to Gartner’s definition, “Big data refers to high-volume, high-velocity, and high-variety information assets that necessitate cost-effective, innovative data processing in order to improve insight and decision-making.”
Big data is a broad technology. Therefore, a lot of people find it difficult to grasp its concept. Therefore, the IT industry has made it easier to quantify what big data is, and isn't, with the help of three V’s, which are:
- Volume: Volume refers to the amount of data generated through online applications, websites, and portals. It has been reported that every day more than 2.3 trillion gigabytes of new data are being created.
- Velocity: The speed of data being exchanged and processed. Every day, Facebook users upload 900 million photos, Twitter users send 500 million tweets, YouTube users upload 0.4 million hours of video, and Google users conduct 3.5 billion searches. Big data allows us to accept the incoming flow of data and process it quickly.
- Variety: All structured and unstructured data generated by humans and machines is classified as variety in big data.
Why is Big Data Important?
Big data helps companies harness their data and help them recognize new opportunities, and ways to utilize them. Also, allowing them to make better decisions and improve revenues and operations ultimately. Millions of companies hire big data developers everyday to excel in the services they are providing.
Let's look at the top 3 reasons why big data is important.
1. Answering Important Customer Queries
The only business that is successful these days is the one that puts in efforts to know their customer’s needs and preferences. Big data analytics can be of great importance, allowing companies to gain insights on:
- What are the needs of customers?
- Why leads are not being converted
- Who are their best customers?
- Why different customers choose different products
Big data combined with other breakthrough technologies such as machine learning can help you put in front of your competition by allowing you to create marketing strategies based on the predictions about your consumers.
2. Making Better Decisions
Every now and then, companies are required to make big decisions that can either encourage or limit the growth of the company. Big data allows businesses to make these decisions confidently on the basis of industry and customer knowledge.
One of the biggest benefits of big data is the accuracy it provides. It analyses the past patterns of your consumers, and provides reliable outcomes that can be used to make better decisions in the future.
This means that firms no longer need to guess when it's the best time to launch a new service/product, or start a new campaign, they can simply analyse the information present at hand, and make confident decisions that would help them achieve the highest possible ROI.
3. Opportunities Across Domains
The opportunities that big data technology provides can transform the way we think, live, and work. Big data analytics is not just limited to business decisions. In fact, it's much more than that. Today, big data is being used to understand how we can protect the environment effectively.
Analyzing the huge amounts of data present regarding weather patterns and toxic emission can help us create better regulation policies to revert the effects of global warming on the planet. Likewise, there are many other domains that can use the help of Big data to work towards a better and safer future of the planet.
Big data is a technology is a technology that has just started maturing, which means there’s much more to come. Hence, it's certainly a technological trend that is here to stay.
Looking for big data developers? You can go to different online platforms on internet like Clutch, Up City, Good firms etc and chose the best developers according to your needs and requirements.