What is Big Data and Why It is Important | Optimus Fox

What is Big Data and Why It is Important?

Posted On  July 27, 2020 in  

by OptimusFox

What is Big Data and Why It is Important

Big data refers to the data collected by organizations that can be used in projects based on artificial intelligence. The projects related to machine learning, predictive modeling and other analytics based projects. Structured and unstructured data is collectively called big data. It enables the organizations to create growth opportunities with large amounts of data. It is not the quantity that matters, the thing that matters is what you are going to do with the data. The companies use data to analyze the trends of industry, what new people can bring to the market and how it will be easier to compete in today’s market. All these analytics are provided with the help of data.

There are three V’s associated with big data:

1. Volume

The data collected by the organizations come from different sources. Storing the data was a problem in the past but there are sources available now where large volumes of data can be stored. Currently, data storage is not a problem as it was considered a difficult task in the past. Large volumes of data are easily stored by the enterprises to use it for gaining a competitive advantage over the others. New technologies like Hadoop have assisted the companies to store large amounts of data.

2. Velocity

The data flows in the business rapidly. It needs to be handled in a timely manner. Devices like sensors, RFID tags and smart meters create the need to deal with streams of data. The velocity refers to the speed with which the data is created and processed to meet the requirements. The velocity is related to the flow of data from various sources like mobile devices, social media channels, business processes etc.

3. Variety

Data comes in many formats. It can be structured in the form of databases or it can be unstructured like documents, videos and emails. Thus, variety is there when it comes to big data solutions. In the past, the databases and spreadsheets were considered the only source of data. Today, data in the form of photos, videos, emails, PDFs, monitoring devices etc. also create a greater chunk of data that can be utilized by the organizations.

Importance of Big Data

Organizations that use big data technologies improve business operations. It also enables the companies to provide better customer service. Big data services also give a chance for personalized marketing campaigns based on customer preferences. As a result, profitability is increased. Businesses that use these technological solutions have a competitive advantage over others. Since you are using the data efficiently, you can make better decisions.

Increasing Customer Engagement

It allows the customers to define marketing campaigns in a better position. For increasing customer engagement and generating more leads for better conversion rates, big data solutions can help your business. Moreover, a customer oriented approach can be made by utilizing these technologies. The data can help to know about the preferences of your customers. It also improves the strategies for marketing according to the requirements of the customer.

Medical Research to Identify Diseases

Big data is also used in the field of medical research. It is used to identify diseases and the risk factors associated with it. The doctors can easily diagnose the patients by knowing their history of the disease. Furthermore, data from the health records help healthcare organizations and government agencies with the latest information on infectious disease outbreaks.

Helping Energy Sector to Find Potential Locations

In the energy sector, big data technologies help oil and gas companies to find the locations that have a potential for drilling. Financial services companies utilize big data solutions for risk management and analysis of market data. Manufacturing companies use it for easing the supply chain activities.

Conclusion

The modern era is a time where technology has its impacts in every business. In order to compete in today’s world, you need to acquire the latest technology trends otherwise it becomes difficult to compete with the competitors. The applications of artificial intelligence have become important for developing your business according to the need of the time.

Optimus Fox provides big data solutions at very low prices during this COVID-19 crisis. You can contact us for getting artificial intelligence services that can help you streamline your business processes. Our experienced professionals will help you gain from this technology and others related to it.

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