This is the era of digital revolution and there is a huge amount of information generated everyday. In recent times, the world is producing over 2.5 quintillion bytes of data each passing day and this data explosion is going to continue both in terms of generation and storage. It is expected to continue to double every four years from today.
Almost every organization today has data that they can use for analysis but the question is how it is going to benefit the business?
All large companies from various spheres are now using big data analytics. The reason is simple, companies who are ignoring big data are noticing their own profits slipping away. The IT, banking and telecommunication sectors are the pioneers in implementing big data and accumulating the largest amount of data.
Characteristics of Big Data
The main characteristics of big data are-
Volume- 150GB per day.
Velocity- It is the speed of accumulation of data sets. Big data is regularly updated and hence intelligent technologies are required to process it online.
Variety- There are many varieties of data types. Data can be classified into structured, unstructured, or partially structured data.
For example for social networks, data flow is unstructured, and it can be text posts or videos.
Also, there are three more features are added-
Veracity- The validity of data sets and the results of its analysis.
Variability- We all know that data streams have their peaks and valleys under social phenomena. Understand the fact that the more unstable and variable the data stream is, the harder to analyze it.
Value- Big data can be both simple and complex. For example, simple data is what we post on social networks. On the other hand, the data which is used for banking transactions is complex data.
Big data collection and storage
In any organization, big data is needed to make better decisions using the analysis of relevant factors. It is used in building models for decision-making.
The main sources of big data are-
- Internet of Things (IoT) and connected devices
- Social media and blogs
- Organizational data, transactions, orders for goods and services, customer profiles
- Instrumental readings, data from satellite
- City and state statistics like data on movements, births, and deaths
- Medical data which include tests, diagnostic scans, and diseases
There are modern computing systems that provide instant access to huge amounts of big data and there are special data centres which have the most powerful servers used for their storage.
Big data and Blockchain
Being involved in cutting-edge technology is one of the best things organizations can do. It gives you an opportunity to create a strong influence on the global podium. You determine what is happening, where and why? Storing and using big data in a perfect way allows companies to better understand the reason for them losing money and clients and how to overcome this in order to achieve profit.
Organizations can use blockchain which adds as another data layer to the big data analytics. Blockchain is the direct collaboration between organizations and customers and also between companies in the supply chain. Blockchain poses limitless possibilities and you can create a limitless database which is fully secure, easy to verify and easy to track.
For example, if there are many organizations and millions of clients within a single system, all the data that is involved within the system is fully secure, impossible to fake and traceable anytime. All members of this chain have one single repository of truth. This is going to change the way we are doing business.
This creates transparency for everyone that is involved in the process, which also includes customers. This can make a huge difference and build trust which is the key resource for any organization.
Ksolves Big data services
In this blog, we have understood how using big data in the right way can create a great impact on businesses and acts as a catalyst for growth. Ksolves understands this and brings to you our customized big data services. We have a diverse range of big data services integrated with your business objectives. Our highly experienced big data team will offer you best suited solutions that are budget friendly and improve your business growth. If you are looking for more big data information, write to us in the comment section below.