What is Big Data?
“The Big Data is the combination of financial data, enterprise-wise data, whether internal or external to help organization explore new insights in business performance”.
Big Data is also described by the four Vs:
The quantity of data which determines the value and potential insight.
The type and nature of data, such as text, audio and video will require additional resources to process.
The speed at which the data is created, stored and analyzed to meet demands and challenges.
Big Data adds value in performance which must be discovered.
How it Works
Manufacturing companies predict the optimal replacement cycle by monitoring data from their equipment to determine usage and wear. Financial services organizations segment their customer’s activity to accurately target individuals with relevant offers.
Why it Matters
Big Data describes information management strategy to integrate new type of data with traditional one for
- Gaining competitive advantage
- Improved productivity
- Bringing innovation by reducing time to response key business answers