Big data is exactly what the name implies. It is a massive amount of data that is overwhelming in volume. Several years ago, big data was almost worthless. It was useless because there was no way to analyze it.
Today there is tremendous value in big data. The advances in computer analytic capacity have turned big data into a gold mine for business and governments.
Bi-Survey recently surveyed 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.
Let’s use Walmart as an example. Walmart analyzes big data every day to improve their business. Every detail of every purchase is continuously analyzed. The product details, the time of day, the day of the week, the demographics of the buyer, and many other aspects are brought together and analyzed to increase profits. Even the weather patterns are a data point. Specifically, how does the weather affect the sale of specific 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 to try to maintain their competitive edge.