Big Data is a combination of all the types of data, incorporated by a business. It consists of a large chunk of information, that is rich in both, structured and unstructured data.
It is usually too complex to be processed by traditional means. However, if understood properly, it can provide you valuable insights into your business.
For example, we are familiar with the use of social media platforms. Have you ever wondered how much information enters into their system in a day? The answer will be in thousands of terabytes. And that’s just for a day.
Imagine the value stored in their servers altogether. If these platforms start utilizing every bit of information, there’ll be no chance they can be as effective as they are.
When dealing with big data, there are three main factors with which the information can be categorized:
- Structured: Any information that follows a fixed format and can be processed easily is called structured data. You can easily access it because working on it requires much simpler techniques. However, in some cases, it might be too large to handle.
- Unstructured: Any information that does not follow a structured path is called unstructured data. This type is hard to process as you won’t be able to derive value out of it. This type is large in volume and offers multiple challenges.
- Semi-structured: A semi-structured data lies in between both the other types. It does not follow a certain table or fixed values. But its symmetry keeps the information processable, to an extent.
Importance of Big Data
Contrary to what the name suggests, the quality of this data is not dependent on its volume. Rather, it depends on how you use it for your purpose.
There are a lot of consulting companies that help your business function properly. In the Munich-Bavaria region, many consulting firms like Tecracer, XenonStack, and Solita allow your business to enable cost reductions and take smart decisions for product development and optimized marketing.
Their purpose is to run high-powered analytics, which can help you to base customer’s buying habits and determine the faults in your setup.
Big data is a big deal for industries. It provides them valuable insights to their customers. Some consulting companies, like Unicsoft not only manage the big data analysis but also focus on AI and blockchain software developments.
They help you create personalized marketing campaigns by learning the behavior of your customers. This way, you increase your customer interaction. And get in touch with what your customers need.
Such a vision will help you develop your products, thus engaging more sales and conversions.
Big Data vs Business Intelligence
Big data and business intelligence, both are techniques, that help companies in their decision-making process. Although their end products are similar, yet their way of working differs. Here are some of the differences, both solutions have, in comparison:
- BI focuses on the questions businesses frequently ask. On the other hand, Big Data creates new questions and answers them with the information it possesses.
- Business Intelligence combines all the information into a single and offline central server. Whereas, Big Data uses a disturbing file system, which is much safer and flexible.
- Business Intelligence carries the data to the processing functions. Big Data, on the other hand, takes the processing functions to the data sets.
- Big Data technology relies on advanced techniques to sort the huge amount of information. It uses a parallel mass processing concept, which helps it run multiple errands in a parallel fashion.
- The biggest advantage, Big Data has against BI is that it relies on real-time data. Whereas, BI is reliant on the information extracted from the experiences in the past.
- BI tools, such as Tableau and Qlik Sense, focus on the analysis and visualization. They help your business make strategic decisions for its future. They make your business improve its accurate reporting and operational efficiency.
- Professional tools, such as Ciklum and DataArt based in Munich-Bavaria, store, and process your information to get insights about your business. They not only help you keep with customer trends. But also provide a valuable ground for market prediction and forecasting.
Big Data is changing the way how businesses used to work. It has revolutionized the techniques and made our day-to-day business lives quite easier.
This type of industry is booming all over the world, especially for companies in Germany. Many consulting companies are now offering related services, helping you add value to your business.
Big Data has a wide-ranging potential and is here to stay with us for a while. Many companies will be undertaking it, just to get ahead of their competitors in time.
Understanding the market conditions and boosting customer acquisition are just some reasons why your company needs it.