Big Data Business is large chunks of complex data and the traditional software’s that we have been working upon cannot handle the volume. But this data can be very useful to handle certain business problems that were unsolvable before.
Generally, we associate Big Data Business with 3Vs. Let’s see what these 3 V’s are:
- Variety : The incoming data is of various varieties. In Big Data Business, we generally classify them into two: structured and unstructured. Structured data comprises images, texts, tweets etc. whereas the Unstructured data consists of audio, video, handwritten files etc.
- Volume : By the term volume we mean a large amount of data generated. Hence it is Big Data Business. For companies like Facebook and Google and even small businesses handling a large amount of data, big data analytics has become a necessity.
- Velocity : The speed at which this data is generated is also insane. According to recent stats, around 900 million photos are uploaded on Facebook every day.
Big Data for Business is beneficial for companies trying to extend their client base. With the large volumes of a variety of data generating at an even higher velocity, we are left with a huge lot of data. This data has crucial information from trending technologies to clients’ needs and customer feedback. More and more companies are now moving towards Big Data analytics to increase their market value and yes, to understand the market. Big companies are providing valuable services because they are continuously analyzing the data.
