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The concept of Big Data has been around for a while, but it was not until recently that Big Data has revolutionized the business world. Most organizations now understand how they can capture the terabytes of data that streams into their businesses and apply analytics to transform it into actionable insights. The benefits of big data and analytics have made it an essential requirement for organizations looking to harness their business potential. For professionals, there is an ocean of opportunities in Big Data Analytics to consider it for your next career move.
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What Is Big Data and Analytics?
'Big Data' refers to an extremely large volume of data and data sets that include structured and unstructured data coming in from multiple sources. These datasets are so voluminous that traditional data processing software is unable to capture, manage, or process them. Complex big data can be used to address business problems that were previously inaccessible.
Often, big data is characterized by the three Vs. – data containing great Variety, coming in increasing Volumes, with high Velocity. The data can come from publicly accessible sources like websites, social media, the cloud, mobile apps, sensors, and other devices. Businesses access such data to see consumer details like purchase history, what they searched for or what they watched, their likes, interests, and so on. Big data analytics uses analytic techniques to examine data, thus obtaining and find out information like hidden patterns, correlations, market trends,, and consumer preferences. Therefore analytics help organizations make informed business decisions that lead to efficient operations, happy consumers,, and increased profits.
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Also Read: How Big is Big Data?
Who Uses Big Data and Analytics?
Amazon, the online retail giant, uses its massive data bank to access customer names, addresses, payments, and search histories and uses them in advertising algorithms and to improve customer relations.
The American Express Company uses big data to analyze customer behavior.
Marketing leader Capital One utilizes big data analysis to ensure the success of their customer offers.
Netflix uses big data to gain insight into the viewing habits of international viewers.
Brands like Marriott Hotels, Uber Eats, McDonald's, Starbucks are also consistently using big data as part of their core business.