Understanding Big Data
It is almost impossible not to have heard the term ‘Big Data,’ that has now become the rage, and a preferred career choice for many in recent times. The term stands for just what it reads i.e. big data. In other words, the term is used to refer to huge data sets, along with the tools and processes required to handle them. The concept of Big Data was born since it was felt that the traditional data processing applications were not able to handle the challenges of capturing, storing, analyzing, updating, or searching such huge amounts of data. Examples of this could be the data generated every day by our Telecom companies, businesses, governments, and the Internet in general.
Typically, Big Data is characterized by high velocity, volume, variety, and veracity. Almost all industries are now fast adapting to Big Data in order to gain the maximum advantage of techniques like predictive analytics. It provides fast, accurate, and timely insights through efficient analytics on vast amounts of data, enabling businesses to make smart, informed decisions.
Why is data so important?
So, one may wonder why data is so important in today’s world. We live in highly competitive times and all businesses want to offer the best possible products and services to their customers. So how can the businesses study, analyze, and understand their customers’ preferences. This is done through gaining insights into the customer behaviors and patterns by studying the associated data. Analytics done on this data provide highly important inputs that help organizations and businesses to streamline their products and services to suit the needs and likes of the discerning customers.
This information is so important to a wide variety of industries spanning healthcare, education, public sector, insurance, transportation, banking and finance and many other sectors as well. This is the reason why Big Data has suddenly become a hot subject that everyone is reading up on. It seems no business, no sector can ignore the benefits gained out of this.
The few major benefits gained out of Big Data architecture patterns are as listed below:
Big Data as feedback: Most companies track the customer behaviors and preferences using the Big Data tactics and study them as customer feedback. It goes without saying that everyone would like to tailor their products and services according to their customers. Loyalty is a big factor in today’s fast paced world and businesses hate losing customers. They would rather do what it takes to retain them and build on that to gain more customers. This can only be done by ensuring personalized experiences doled out to customers with the help of efficient, fast, and reliable Big Data analytics.
Data safety: Big Data tools allow for large amounts of data to be safe and sensitive data can be protected from unwanted eyes despite its huge nature. The safety of organizational confidential information as well as that of their customers’ have prompted many businesses worldwide to adapt to Big Data. This is a major aspect, especially in banking and financial sectors where malpractices and frauds can have huge impacts on the businesses and their reputations.
Plan for new products and services: Apart from tailoring current ones, Big Data analytics can also help businesses to plan and launch new products and services by studying the trends, the social media patterns, industry developments etc.
Understanding causes of failure: Big Data analytics also play an important role in understanding the reasons of failures in real time. It provides easy access to such information, triggering fast responses and ensuring customer satisfaction.