Big Data Analytics is the analysis of large volumes of data streams. Companies use Big Data Analytics to understand the needs of their customers better. Big data analytic units of companies comprise data science professionals, statisticians, programmers, and data analytics professionals. Any company has a significant input of data coming through, be it through social media or online survey or any way possible. In huge companies, analyzing this data by hand will be very difficult for humans. So, companies use big data tools such as Hadoop to analyze the information they have accumulated. For analyzing this data, a lot of components are required, and a company must ensure that all of the ingredients are in place.
Big Data is very crucial to modern-day MNCs as it gives them an edge over their competitors. Using technologies such as Hadoop, companies can now know what their customers/users prefer, the ads that will fetch them the most, the new products they can launch that will make them the most profit and much more! This is only the bare surface of what Big Data Analytics can do. There are a lot of key aspects to big data, and a team of diverse individuals needs to come together for everything to work smoothly.
In Big Data, there are the famous 3Vs that define it. They are High-Volume, High-Velocity, High-Variety. High-Volume generally refers to large amounts of data. One can analyze big data only if the data is big enough. So, a large amount of data is required for big data analytics. High-Velocity refers to the rate at which data is being inputted to the company. The higher the velocity, the better the analysis. High-Variety means that the data that is coming in needs to be different. Clustered, unclustered, there are different varieties of data too and the more variant the data is, the better the results will be.
Using all the knowledge available from big data analytics, companies can now analyze the needs of the customers. They can give ads that match the preference of the users; some can map out the areas which are most likely to buy their product while others can see which product is in the most demand and much more. The basic idea is to understand the customers and the market and utilize the information to get the most profit. Big data will give any company an edge over its competitors. For this reason, most of the companies are putting their resources toward big data analytics.
It has become apparent with the advent of online advertising that big data analytics are crucial to any company. With terabytes of information being transmitted every second, the need for analyzing data to see patterns, some clues that might lead the company to a better profit margin have become crucial. Information is power in the information age but if companies cant understands the information, it is still a waste. So, big data is becoming very popular and crucial to companies as it better equips them for the future. It also increases the experience of the customers as companies will act by analyzing the needs of the customer. So, big data is very crucial to the modern economy.