What is Big Data?
Big Data is a massive amount of data sets that cannot be stored, processed, or analyzed using traditional tools. Today, there are millions of data sources that generate data at a very rapid rate. These data sources are present across the world. Some of the largest sources of data are social media platforms and networks. Let’s use Facebook as an example—it generates more than 500 terabytes of data every day. This data includes pictures, videos, messages, and more.
Data also exists in different formats, like structured data, semi-structured data, and unstructured data. For example, in a regular Excel sheet, data is classified as structured data—with a definite format. In contrast, emails fall under semi-structured, and your pictures and videos fall under unstructured data. All this data combined makes up Big Data.
Benefits and Advantages of Big Data Analytics
- Risk Management : Banco de Oro, a Phillippine banking company, uses Big Data analytics to identify fraudulent activities and discrepancies. The organization leverages it to narrow down a list of suspects or root causes of problems.
- Product Development and Innovations : Rolls-Royce, one of the largest manufacturers of jet engines for airlines and armed forces across the globe, uses Big Data analytics to analyze how efficient the engine designs are and if there is any need for improvements.
- Quicker and Better Decision Making Within Organizations: Starbucks uses Big Data analytics to make strategic decisions. For example, the company leverages it to decide if a particular location would be suitable for a new outlet or not. They will analyze several different factors, such as population, demographics, accessibility of the location, and more.
- Improve Customer Experience: Delta Air Lines uses Big Data analysis to improve customer experiences. They monitor tweets to find out their customers’ experience regarding their journeys, delays, and so on. The airline identifies negative tweets and does what’s necessary to remedy the situation. By publicly addressing these issues and offering solutions, it helps the airline build good customer relations.
