Exactly how big is big data? Micro-blogging platform Twitter sees almost 340 million tweets on a daily basis. Every second, ten thousand people use their credit cards one way or another. Where does all this information go and how is it stored? All over the world, almost three exabytes are created every day. It sounds like a small number but if you think of a single exabyte as one billion gigabytes, you’re in for a treat.
As institutions, governments and businesses utilize more of technology in paperless filing and work management systems, data begins to accumulate exponentially. This creates problems in data storage, processing and transfer. To properly capture, analyze and manage the massive amount of data, big data solutions are crucial. Databases, spreadsheets and other software tools are simply not enough, especially if a company is about to undertake a major project or management move. What exactly can these solutions do for businesses and how can these be used to make better business decisions?
Big data services collect and make sense of data
There are different types and sources of data. Everything from banking, politics, science, sports and retail has its own data sets that, in their raw form, are basically useless unless they are made sense of and analyzed. Data comes in two forms: structured and unstructured. Spreadsheets may work for structured data but companies will benefit more from solutions that are developed to handle both forms.
The right tools for the job
Large volumes of data cannot be poked at with a toothpick. Data analysts need a full arsenal of tools to help them undertake more accurate analyses in less time, which can help companies make more informed decisions. Traditional data processing applications and database management tools just don’t cut it when dealing with thousands of exabytes coming in from multiple sources. Analyzing big data demands a lot of resources in order to be able to discover business trends and patterns of consumer behavior.
Big data solutions provide insights
The key to making good business decisions lies in knowing what the current situation is and seeing where the industry is headed.
What are the kinds of information businesses require?
Product usage trends, consumer preferences and behavior patterns and location data are just a few of the data sets that have within them a wealth of insights that, when tapped, can be the best resource any business can have.
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Big data solutions are able to collect, analyze and interpret data to come up with an infinite source of knowledge that can be used in a company’s decision-making process. What products or services do consumers use most of the most during the Holidays? What do Twitter users rave about in the mornings? Knowing the answers to these questions may help businesses decide what next to do in their marketing plan and social media strategy. In addition, the insights garnered from big data analysis can be used to improve products and services.
Using big data provide companies with myriad opportunities for business development. In order to take advantage of what big data can offer, companies should see big data solutions as a wise and long-term investment. After all, it’s not how large the volume of data is but what companies do with it that really counts.
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