With the recent advancements in technology, data analysis has entered a new phase in which large amount of data can be harvested and processed. Big data analytics refers to the process of examining this data set to uncover existing patterns, trends, demands and correlations between various factors, which further helps to make informed business decisions. For instance, Netflix uses big data analytics to improve its video streaming services and improve user experience.
Big data is basically characterized by 3Vs i.e. Volume, Variety and Velocity.
- Volume: Different Machine-to-Machine and Human-to-Machine communications result in large amount data, which need to be analyzed to extract useful information.
- Variety: All the data that is generated is of the unstructured nature. It needs to be processed, curated and annotated to bring out important piece of information or facts from it.
- Velocity: Large chunk of data is being generated every second and needs to be processed. Therefore, there is need for tools that can handle the flow of this data and produce required results.
Why It Matters?
Big data analytics can provide valuable business intelligence by harnessing the company data and use it to identify new opportunities. This helps the company to make smart decisions, increase profits and most importantly, satisfy the customers. Few of the advantages of big data analytics are as follows:
- Big data analytics frameworks like Hadoop have started to bring significant cost reduction when it comes to storing huge amount of data.
- The ability to analyze new data can help the companies to break down every bit of information into something useful and make decisions based on the results.
- Big data analytics is important for firms that have a large amount of data flowing every second. The analysis can provide useful information from that data and in turn, gives them a competitive edge over others.
Some of the industries that benefit from big data analytics are:
- Public Sector Services
- Learning Services
- Insurance Services
- Industrialized and Natural Resources
- Transportation Services
- Banking Sectors and Fraud Detection
If used wisely, the analytic tools can help to make predictions and explain the entire growth pattern of your business. For more information about the importance of big data analytics, contact Centex Technologies at (972) 375 – 9654.