Big data is at the core of business intelligence development, and it’s one of the fastest-growing sectors of the IT industry today. The one major problem with big data, however, is the fact that a lot of businesses still aren’t really sure what it is — much less how it can be used to benefit individual companies and actually save money.
While it’s important to know that there are hybrid IT services and business intelligence development software that can assist nearly any business with big data mining and analytics, it’s still very important to understand what big data is and how it’s used.
- What is the definition of big data? According to the Oxford English Dictionary, big data is defined as “data of a very large size, typically to the extent that its manipulation and management present significant logistical challenges.” Gartner defines the phrase as “high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.”
- Where does the data come from? It often comes from the most unlikely of places; every time you make a Google search, for example, information such as the search query, the time of day, and your geographic location are all collected. Many social media websites like Facebook and YouTube are finding that they have unprecedented access to large amounts of data. Surprisingly, it’s estimated that only .5% of existing data is actually used; the other 99.5% is discarded or forgotten.
- Who uses big data? Pretty much anyone can use big data! Government agencies, scientists, and businesses all use big data analytics for various operations, such as scientific research and marketing plans.
- How is data collected and analyzed? The best way to take advantage of big data is to use a business intelligence service with software programs that allow for easy access and analysis of data, along with data warehousing services that allow for data storage. These services are typically offered through cloud computing-based programs, making it easy to access and store data remotely.
- Why should my business pay attention to big data? Efficiency and cost-savings are the top reasons for using big data: 82% of businesses have been able to save money by moving over to the cloud, 54% of businesses already use business intelligence analytics, and the businesses using analytics are five times as likely to make faster decisions than those that don’t.
Now we want to know what you think! Do you have any questions about how big data can be used for business intelligence development? How has your company made use of data analytics? Let us know down in the comments section!