Are you familiar with the concept of Big Data? How it is changing the future?
Big data refers to the data collected from online sources like social media, clouds, smart devices, the Internet of Things (IoT), etc that can not be analyzed using traditional methods.
Types of Big Data
To understand the term more deeply, it is further classified into 3 categories.
- Un-Structured Data: Sometimes the data collected is not symmetrical or in chronological order. For example- Audio, Video, likes, and comments. This usually comes from the social media database and is stored in different types of files.
- Semi-Structured Data: Data that has some structure but is not in proper order is called semi-structured data. For Example- Emails, CSV files, Market Data, E-commerce, etc. It is easy to study as compared to unstructured files.
- Structured Data: Information that is easy to study, analyze, and is in the right order. For Example- Excel sheets, Main Frame, SQL Server, D2B, Sybase, etc.
The Three ‘V’ of Big Data
- Volume: There are several transactions, sources, IoT devices, shares, likes, comments, images, videos, and audio. Managing such a huge volume of information could be time-consuming and costly.
- Velocity: The speed at which data is generated requires a high-tech tool to store the information. Sensors or smart meters are required to keep up with the pace of IoT.
- Variety: Data is of different types like word documents, videos, audios, and so on. It contains both structured and unstructured information generated from a bot, machine, or humans. To make such data break into different categories various tools are used.
How Big Data is changing the future dynamics?
Earlier, we were not able to depict the demands and preferences of people because of limited data sources. But now, we can see our users’ trends and personal preferences.
It is said that in the early 2000s, we produced around 1.8 zettabytes of data worldwide. But today this much data is produced every second by a single user. We can have a clear picture of our users and we can make personalized recommendations by studying that information. For Example- browser history can help in advertising the right product to the right person at the right time.
Importance of Big Data:
- The companies can now boost their advertising strategies to the next level. They can make predictions of the preferences of a person and can send advertisement newsletters, emails, and messages at the right time.
- Organizations are no longer dependent on statistical data that required too much effort, time, and money.
- Pricing Strategies can be made with the help of the data gathered.
- New plans and improvements can be done without changing the actual plan by measuring the outcomes.
Key Points Takeaway
Big Data is a necessity today. With everything going digital, it has become essential for companies to use digital tactics.
- Managing such a huge volume of data can not be done using a traditional approach.
- We can make personalized strategies using Big Data that can help the right message at the right time to increase revenue.
- It eliminates the duplication of efforts and saves time & money.
- Data collected can help in making customer service better.
- It is used by marketers and organizations to study customers’ behavior and plan strategies in various projects like machine learning and predictive modeling.
- It helps organizations to keep themselves up to date with the preferences, demands, and dynamic future trends.