Big data has become a relatively well-known concept over the years. Basically, big data refers to data sets that are too large to be processed using any traditional means. There are a range of issues associated with data. These include how to store, move, interpret, capture, and transfer the data.
Of course, what a company considers ‘big data’ will depend on their size. Some companies might find hundreds of gigabytes hard to process. Some other companies might be able to easily to deal with thousands of terabytes.
What is it Used for?
So now we know what big data is, what is it used for? It can really be used for anything. It is usually analysed to reveal patterns, ideas, and trends. These can be used to make predictions regarding the company. Using big data, companies can decide the direction their operations should take.
Big Data: Facts and Figures
Studies have shown 80% of companies have some sort big data program
Poor quality data can cost businesses in the US alone $600 billion p.a.
A whopping 98% of data is now stored digitally
Most data a company produces (about 80%-90%) cannot be stored neatly. More sophisticated programs will need to be developed for this data to be analysed quickly.