How are Companies Using Big Data? We have stepped into an era where we no longer wish for a magic wand to make things happen right after we command. Google Assistant and Alexa has made it possible to switch on and off electronic equipment. And this is not it. Everything around us has transformed into an upgraded level. If we take a look at our society and culture, we can see a tremendous change in just a decade.
Similarly, we expect things to change at a rampant pace in the upcoming years. But unfortunately, some businesses are working on the same old pattern. We, as professionals, need to understand that we cannot work in the same old way when everything has progressed to a greater degree.
Are You Curious – How are Companies Using Big Data?
Today, businesses are experiencing a whole new level of success with a transformation In their business strategy. Yes, Big Data or data architecture has evolved the way businesses use to operate. From banks to shops and hospitals to government institutions, Big Data has influenced many companies to bring a massive change.
In the same way, irrespective of the industry and job nature, Big Data is going to transform the way we used to operate before it. While, some of us think that Big Data is nothing more than hype, and it will fade away after some time. Keeping all of those people informed, it will not at all. Now, let’s jump to knowing what exactly Big Data is how it can be beneficial for a business to deliver results.
What Is Big Data?
Big Data, as it appears from its title, is large volumes of data that is collected, assembled, and analyze in ways that were not achievable even a few years ago. Today, the use of Big Data is empowered by the fact that we can gather a lot of data on anything. Meanwhile, we have improved ways we can store and analyze the data.
Large Volumes of Data
In an increasingly digitized world, everything we do leaves a data track. This suggests that a heap of Data is available. Surprisingly, in a few past years, we have collected more data than ever in the entire previous history.
The Data is not only coming from millions of messages or emails we exchange every second via email, WhatsApp, or Messanger, etc. From all around the world, people share an unlimited amount of video data via using YouTube and Facebook. To our surprise, Data is coming from some unexpected ways.
Above all, we access data with GPS sensors and accelerometers. Statista reports that 3.5 billion people use smartphones in 2020, where smart sensors collect a large amount of data on everything from eating, shopping, travelling, and communicating.
Besides smartphones, we now have smartwatches, smart TVs, smart meters, smart fridges, washing machines, door locks, kettles, and even smart light bulbs. In fact, we have over 50 billion devices connected to the internet. All this means that the amount of data and the variety of data in the world will grow to unthinkable levels.
Easy Analytics on Everything
Big Data holds very little significance if we are unable to turn it into insights. To do so, we need to assemble and analyze the data. Previously, we have faced difficulties in storing large volumes of data in databases. Now we can store large amounts of data and analyze the data stored at different databases across different locations that linked via a network.
Also read: Future of IoT Amid Covid-19
Big Data storage and analysis technology are now available to use in a software-as-a-service (SAAS) model, which makes Big Data analytics accessible to even those with low budgets and confined IT support. Therefore, major software development companies offer these services to the customers so to make a difference in their progress. Combining the abilities of Big Data with AI and machine learning, we can predict unlimited developments and opportunities in technology.
Big Data is being used by different industries, regardless of their size, to drive value. Retailers are eCommerce businesses using use Big Data to predict trends and consumer behaviours. Government institutions are using it to track terrorist plots. And even a barbershop or park management uses Big Data to improve performance. Moreover, the use of Big Data is popular in cities, manufacturing, sports, research, gambling, fashion, telecoms, video gaming, and whatnot.