Hey Readers, welcome to our new blog. This is the first post and we summarized the core of what we expect to be a very informative content for your business or your professional life.
Our first “million question” is: Do you know what is Big Data? Have you ever heard this expression? If your answer is “no” for both, you are in the right place. However, if your answer is “yes” please do not leave us, we will bring a lot of news involving Big Data in the business world that certainly will boost your knowledge.
If you never heard of Big Data before, watch the video below:
Let’s begin by the beginning. In short, Big Data is defined by a massive amount of data coming into a variety of forms and in high speed into businesses every day. To make it simple, we can say that 5 Vs compose Big Data:
1 – Volume
Big Data process high volumes (hundreds of petabytes!) of different types of data (check our “V” number 3!)
2 – Velocity
All this information is received at a breakneck speed and must be treated in real time.
3 – Variety
Data comes in many different forms, from structured, as regular databases, spreadsheets to unstructured ones, as social media feeds, emails, videos, audios, financial transactions. This list can go on and on.
4 – Value
The value of the information is intrinsic. The data is there, what you with it it’s the critical part.
5 – Veracity
It will only be significant if it’s reliable! All these data should be captured in a trustable way.
Ok, after all these details, we know what you are asking… Why is it so important? What are the benefits?
As Koffi Annan, former most important Secretary-General of the United Nations used to say, “Knowledge is power.”
If companies can transform all data (I mean, really ALL data) that arrives into knowledge, they can improve almost every aspect of the business. From Product Development to Customer Experience, from Operational Efficiency to Fraud and Compliance.
All these leading to the whole purpose of business: PROFIT. If you are interested to know more about the technical definition of Big Data check these Link 1 and Link 2 out. Please stay tuned that we’ll go more in-depth on the next few days about how Industries are using Big Data to solve their specific problems.
References
Big Data. (2019). Retrieved from SAS: https://www.sas.com/en_us/insights/big-data/what-is-big-data.html
What Is Big Data? (2019). Retrieved from Oracle: https://www.oracle.com/big-data/guide/what-is-big-data.html
Its Big Data 