Big data is the act of collecting huge amount of enterprise data that can be used for future analysis. Big data helps all kind of industry data to grow securely that includes government, banking, retail, education and healthcare.
Big data stores all kind of data including structured, unstructured and semi structured data, which contains valuable information about core functions of an enterprise such as finance, marketing, procurement.
Big data has two parts, one is variability and other one is complexity. Big data helps organizations to make smart decisions by finding the root cause of failure, which can be done by data analysis. It also helps in detecting risk and fraud before it affects the organization.
Big data is an advancing term that describes a large volume of structured, semi-structured and unstructured data that inundates a business on a day-to-day basis and if managed well, it can deliver powerful insights. The importance of big data doesn’t revolve around the amount of data but what organizations do with the data matters. Big data highlights new data analysis and data management technologies that enable organizations to analyze certain types of data and handle certain types of workload that were not previously possible.
Big data analytics examines large and varied data to uncover hidden patterns, customer preferences, unknown correlations and other useful information that can help organizations make better decisions and strategic business moves.
Choosing the right big data solution for your business is critical to ensuring a successful big data project. With such vast options of big data analytics solutions, identifying key difference between solution providers is quite difficult.
When big data is combined with high-powered analytics, many business-related tasks can be accomplished such as:
Determination of root causes of real time failures, issues and defects.
Detection of fraudulent behavior before it affects your organization.
Recalculation of the whole risk portfolios in minutes.
Based on the customer’s buying habits, generation of the coupons at the point of sale.
Ultimately, a Big Data ecosystem should allow you to store, process, analyze and visualize data.
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