What is it?
The large volume of data that inundates a business on a day to day basic, both structured and unstructured. It’s not the amount of data, it is what organizations do with the data that matters. Data can be analyzed for insights that lead to better decisions and strategic business moves. Yet they include data sets that are beyond the ability of commonly used software tools to capture, manage, and process data.
Why is Big Data important?
The importance of big data does not revolve around how much data you have but what you do with it. Data taken from any source and analyzed helps to find answers that enable:
- Reductions in cost & time
- New product developments
- Smarter decision making
How does big data work?
Big data work on the principle that the more you know about anything or nay situation, the more reliably you can gain new insights & make predictions about what will happen in the future. By Comparing more data points new relationships will begin to emerge that were previously hidden, these relationships will enable us to learn and inform our decisions.
- Building models on data collected
- Running simulations
- Tweaking the value of data points each time
- Monitoring how it impacts our results
Challenges to Big Data include:
- Capturing Data
- Data Storage
- Data Analysis
- Searching, Updating, Transferring
- Information Privacy