Big data refers to data that is so complex and large that it is difficult to process using traditional methods. Some define big data as an amount that exceeds one million gigabytes. Big data is defined by three main characteristics: volume, variety, and velocity.
Volume refers to the large amount of data involved from many sources such as social media, business transactions, Internet of Things (IoT) devices, and more. Previously it was difficult and expensive to store, but the improvement of artificial intelligence and machine learning has facilitated our ability to analyze large volumes of data.
Variety describes the fact that data comes in many formats, ranging from numerical data found in traditional databases to unstructured text, audio, and financial data.
The third characteristic of big data is velocity. As the Internet of Things grows, the amount of data flowing into businesses is growing at an unprecedented speed. Technology, like RFID tags and smart sensors, makes it necessary for firms to deal with the massive amount of data in almost real-time.
According to a study by Data Never Sleeps, we generate a staggering 2.5 quintillion bytes of data each day. With artificial intelligence and machine learning, businesses can take advantage of the big data at their disposal to solve critical issues facing their customers and industries.
Big data helps firms gather evidence to support the decision-making process, eliminating the need to rely on subjective experiences. Using big data to build business processes will allow a company to create a competitive advantage and make better strategic decisions.
Other applications of big data include determining the causes of issues and defects in real-time, detecting fraudulent behavior before it happens, and generating personalized suggestions and coupons based on an individual’s previous purchases.
Using artificial intelligence and machine learning to analyze big data is helping businesses of all sizes set themselves apart and prepare for the future. Our automated machine learning platform will help you make data-driven decisions without the need to hire expensive and hard-to-find data scientists.
At LogicPlum, we offer products and managed services to a variety of industries across the globe, and we strive to be a resource for business and analytics professionals in the data science space.
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