Many people have heard the term “big data” in the business world but may not know what it means. It’s defined on Investopedia as “large, diverse sets of information that grow at ever-increasing rates.” But what does this mean, and why does it matter to businesses?
Every day, organizations produce an enormous amount of data. But processing it is a different story. Ultimately, what matters is what businesses choose to do with that data. In other words, how do businesses parse the information and find the value in it to make better business decisions?
The term “big data” goes back more than 50 years. Here’s a brief history:
Businesses everywhere are leveraging data to improve how they operate. The goal is to find what matters within the data, which can be difficult if you don’t know where and how to look.
Traditionally, when it comes to big data, three Vs are mentioned: volume, velocity, and variety:
If leveraged properly, big data can help you:
There is no shortage of major companies that are utilizing big data to improve business processes, gain new customers, and develop new products. We live in a time where data is king, and knowing how to parse large, unstructured datasets is vital to any business looking to maximize its resources and achieve business success.
In 2020 and beyond, big data will continue to grow in importance as organizations continue finding new ways of growing their profits and improving how they operate.
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