BigData In The New Economy

The Rising Significance Of BigData In The New Economy

Traditionally, relation databases and data warehouses were the routine way most businesses and organizations stored and organized data in the past two decades. Bigdata is a collection of data that is huge in volume yet growing exponentially with time.

Moreover, bigdata is mainly associated with large and complex data sets that may be analyzed computationally to reveal trends and patterns, especially relating to human behavior. Data could be Structured, Unstructured, or Semi-structured.

The rapid expansion of data handling techniques has only increased the importance of big data in an organization. As the world continues to shift its operations online, it means we are creating data every second you visit a site.

Such data entails messages, pictures, audio, and files we upload via the internet. This data is mainly characterized into five categories of V’s, which include Volume (data size), Velocity (speed of change), Variety (different forms of data sources), Veracity (uncertainty of data), and Value (business value).

The following are examples of Bigdata.

Social Media Statistics from TechCrunch shows that Facebook ingests 500+ terabytes of new data into their database daily.

This data is mainly generated in terms of photos, comments, messaging, and videos we post from time to time. Who does not have a Facebook account? In these times even some of our pets have social media accounts.

Nairobi Securities Exchange (NSE) Nairobi Securities Exchange (NSE) is mentioned as an example of big data that generates more than 1 terabyte of new trades on a daily basis.

Jet engine An average commercial airline produces 20 terabytes per hour. Examples of such airline companies include Kenya Airways, Boeing 737, Rolls Royce, and many others.

Advantages of Bigdata processing

1. Improved customer service

Experts have designed new ways like Chatbots which contain big data technology that helps customers to relay their feedback in time concerning products and services offered today.

In these systems, big data and natural language processing technologies are being used to input and evaluate customer responses.

2. Businesses and organizations can depend on outside intelligence

Easy access to data from Search Engine Optimization (SEO) and social media platforms like Facebook, Twitter, Instagram feeds, etc., Is really enabling businesses to implement ideal and promising business strategies.

3. Early identification of risk to the product or service

With big data, you are in a position to spot a risk early enough and act accordingly.

4. Better operational efficiency

Big data technologies are able to create a landing docket or zone of new data before identifying which type of data should head to the data warehouse.

Moreover, such integration of data and warehouses helps an organization to offload infrequently accessed data.

Other advantages include:

  1. Agile supply chain management
  2. Data-driven innovation
  3. Smarter recommendations and targeting

Conclusively, it is for the greater good of your organization to adopt big data in running your daily operations since Real-Time Data is not going to last forever.

Let’s take into account that presently, online activities are increasing significantly, plus the human population is also growing rapidly.

Thus, it is a must that data will also grow. Get to our Website Brainverse Technologies (K) and get help on how you can leverage this new technology.

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