With today’s evolving technology and the concept of big data been around for years, most of the organizations have understood that it’s possible to analyze data and get significant answers instantly. But the percentage of such organizations is just 23% who are well-versed with the tricks to pull out information automatically.
Modern businesses today are no less than a business repository where the information keeps flowing in from the website, PDFs, CRMs, and even the emails. With data growing exponentially, enterprises need to scale up their data accordingly for the appropriate results and to maximize the economic value of the data.
Big data analytics offer an endless source of business and informational insight by examining large amounts of data to uncover hidden patterns, correlations, and other insights. It is a term applied to huge data sets which include structured, semi-structured, and unstructured data with the help of advanced analytical techniques.
The cloud combined with big data has shaped into a market-changer for businesses today who can have instant access to the infrastructure and advanced technologies.
The 4 V’s of big data provides a great infrastructure to enable companies to grow beyond their existing systems:
- Volume: To cater to the ever-growing demand of data with a saturation point which is supported by the cheap cloud storage.
- Variety: Increased demand for different frameworks with the growing analysis of the unstructured data.
- Velocity: Cloud computing helps in handling various complexities of analytical problems with the help of big data.
- Value: Optimum utilization of the application, storage as well as resources with an increased demand for AI-driven applications.
The term ‘Big data analytics’ might seem simple but becomes the most complicated when deployed with certain big data applications. Every data generated needs to make sense with the most important attributes of big data, the 4V’s, mentioned above.
By the year 2022, we would be generating 1.7 MB of data every second contributed by every individual on the earth thus confirming the increasing need for big data analytics.
The era of big data has drastically changed the requirements and the meaning of business data. The major sectors entering into big data analytics for converting information into real insights are retail, health care, manufacturing, energy, real estate, etc. For instance, Uber and Airbnb, are the top organizations working on their deep data analytical mindset.
In short, with the ability to work faster and stay agile it gives a competitive edge to the enterprises over others they didn’t have earlier.