Big Data is a large collection of data assets that are so large and complex that the data cannot be easily collected, captured, stored, indexed, searched, shared, analyzed, or visualized using the available tools. Big data is usually collected when companies are attempting to find trends from the available data sets. Big Data can also be found in other areas including during research on the environment and human genome.
Among the areas where limitations arise when collecting big data include the informatics, internet search results, and finances. In order to process big data, companies have to invest in a number of powerful hardware and software applications as well as powerful hardware capable of processing this data. Rather than miss out on the benefits of big data, an organization that cannot obtain this information by itself should buy it from third-parties.
Big Data is always crucial, especially when businesses are operating through periods of uncertainty. This is mostly because the decisions that a business will make during this period will either make or break it hence need to be properly thought out. Big Data enables companies to see changing consumer demands early so that they can adopt measures to satisfy these needs.
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Most companies cannot process Big Data by themselves hence need a collaborative framework that enables different organizations to work on various sections of the big data and share the results with other companies. Since smartphone usage has surpassed desktop computer usage in most of the countries, there is a lot of Big Data to be collected and this data is more specific and more accurate. Data collection techniques for this kind of data have also been improved to ensure proper data collection.
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It is important for every company to collect Big Data in order to be aware about their customer’s shopping trends. Understanding consumers will enable an enterprise to adopt the types and services consumers will embrace and those they won’t. This makes it easier to predict the consumer’s buying patterns as well as implement better marketing strategies. E-commerce companies have leveraged on big data nowadays to provide relevant information to consumers and pair products based on their recent searches and purchase history.
Companies are making use of different sources of big data in order to get specific information about their consumer as well as increase their consumer base. Advertising companies also use it to target specific customers by getting information from their social sites and public profiles. Analyzing this data can help find a shoppers’ preference and market him or her the right products. Every enterprise needs to take big data into account in order to market and sell their products and services in a smart way.