Big data is exactly what the name implies. It is a huge amount of data that is overwhelming in volume. Several years ago big data was almost worthless. It was worthless because there was no way to effectively analyze it.
Today there is tremendous value in big data. The advances in computer analytic capacity has turned big data into a gold mine for business and governments.
Bi-Survey recently did a survey of business expectations of how big data is valuable to them. Here are the results:
Businesses are using big data to make better strategic decisions and to guide them in their operational processes. This is a result of having better insights into customer demographics, wants, and needs.
Lets use Walmart as an example. Walmart analyzes big data everyday to improve their business. Every detail of every purchase is constantly analyzed. The product details, the time of day, the day of week, the demographics of the buyer and many other details are brought together and analyzed with the goal of becoming more profitable. Even the weather is considered as a data point. Specifically, how does the weather affect the sale of certain products? Just a few years ago this data would not be considered unless you were in the business of selling umbrellas. Now it is used to help stores increase their sales of everyday products like fruit. Did you know that oranges sell better when it is raining?
The value of big data is growing exponentially.
The value of big data to business is high and it continues to grow in value. More and more data is collected and analyzed. Nearly every large company is now using big data analysis in order to try to maintain their competitive edge.