What is big data?
With the Internet being an inseparable part of our lives, information volumes are becoming greater and greater. In order to improve business performance metrics, the volume of information that is received every day needs to be saved, processed, and useful insights should be used appropriately. Big data combines all the datasets collected from all sources for the sake of business analysis and improving business performance.
The three Vs of big data
Big data implies three key characteristics, known as the three Vs:
- Volume. There are terabytes of tweets, comments, customer journeys, order histories, shares, likes, etc. All this information should be structured and analyzed.
- Velocity. It refers to the rate at which information appears on servers and in cloud storage. It must be processed as quickly as it appears.
- Variety. Customers listen to, watch, and read texts. The tools to process those types of data vary in functionality and methods.
How does big data work?
Big data research is beneficial to any business that wishes to expand and improve in the long run. Businesses use big data to predict performance and customer behavior, plan marketing strategies, improve products and services based on customer experience, train staff, and upgrade tools and programs. To deal with big data, businesses need to follow three steps:
- Gather the information from all available sources.
- Arrange the received data in a logical and accessible way.
- Study the findings carefully to further use the insights in business development.
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