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What is Big Data Technology? Importance and Its Types

Big Data Technology
Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a daily basis. But it’s not the amount of data that is important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves. The use of big data is becoming common these days by the companies to outperform their peers. In most industries, existing competitors and new entrants alike can use the methods resulting from the analyzed data to compete, initiate and capture value.

According to dissertation writing services, Big data helps the organizations to create new growth opportunities and completely new categories of firms which can be combined and analyze industry data. These firms have ample of information about the products and services, buyers and suppliers, consumer preferences which can be captured and analyzed. Whereas the term “big data” is comparatively new, the act of gathering and storing large amounts of information for ultimate analysis is ages old.

Types Of Big Data:

Following are the kinds of big data: structured, unstructured and semi-structured.
 

Structured:

Structured is one among the types of big data and by structured data, we mean data that can be processed, stored, and retrieved in an exceedingly fastened format. It refers to highly organized data which will be readily and seamlessly hold on and accessed from a database by easy search engine algorithms. For example, the worker table in a company database are going to be structured as the employee details, their job positions, their salaries, etc., will be present in an organized manner.

Unstructured:

Any data with unknown form or the structure is classified as unstructured data. In addition to the size being huge, un-structured data poses multiple challenges in terms of its processing for deriving value out of it. A typical example of unstructured data is a heterogeneous data source containing a combination of simple text files, images, videos etc. Now day organizations have wealth of data offered with them but unfortunately, they do not know how to derive value out of it since this data is in its raw type or unstructured format.

Semi-structured:

Semi-structured data will contain both the forms of data. We are able to see semi-structured data as a structured in form but it is actually not outlined with e.g. a table definition in relational DBMS. Example of semi-structured data is a data portrayed in an XML file.

Importance Of Big Data Technology:

The importance of big data does not revolve around how much data a corporation has but how a corporation utilizes the collected data. Each company uses data in its own way; the more efficiently a company uses its data, the more potential it has to grow. The company will take data from any supply and analyze it to find out answers which can enable:

Cost Savings:
Some tools of big data like Hadoop and cloud-based analytics will bring cost benefits to business when large amounts of data are to be stored and these tools also facilitate in identifying more efficient ways of doing business.


Time Reductions:
The high speed of tools like Hadoop and in-memory analytics will easily determine new sources of data which helps businesses analyzing data immediately and make fast choices based on the learnings.

Perceive The Market Conditions:
By analyzing big data you'll be able to get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can determine the products that are sold the most and manufacture products according to this trend. By this, it will get ahead of its competitors.

Manage Online Reputation:
Big data tools will do a sentiment analysis. Therefore, you'll be able to get feedback about who is saying what regarding your company. If you want to monitor and improve the online presence of your company, then, big data tools will facilitate all this.

Use It to Solve Advertiser's Problem And Offer Marketing Insights:
Big data analytics can help change all business operations. This includes the ability to match client expectation, changing the company’s product line and of course ensuring that the marketing campaigns are powerful.

Big Data Analytics as a Driver of Innovations and Product Development:
Another vast advantage of big data is the ability to help firms innovate and redevelop their products.

Characteristics Of Big Data:

Here are the characteristics of big data technology that are the 3 ‘v’s of big data technology:
  • Variety
  • Velocity
  • Volume

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