Big data is a term used to describe large volumes of data sets and data subsets. For those in the know, it’s not the amount of data that counts rather it’s what a business can do with the data that’s important.
Big Data Analysis
Businesses big and small can benefit from analyzing the data they collect. Doing so can help a business learn more about its customer buying habits and provide insight into emerging trends. In essence, big data analysis can provide insight into customer buying decisions and how a business can become more profitable by strategically engaging with the wants and needs of its consumers.
History of Big Data
Early into the 21st century, the business world began to realize that huge amounts of data generated from social media, e-commerce sites, and digital media were valuable commodities. This realization kicked off a new trend where software started to be developed specifically for the purposes of being able to quickly store then analyze big data sets.
The Future of Big Data
Today, big data plays an important role in many aspects of business decision-making. Cloud computing has increased big data utility so that clusters of data sets and data subsets can be tested and analyzed faster than ever before. As cloud computing continues to evolve so will the collection, storage, and analysis of big data.
Elaine Allan, BA, MBA
Technology & Business Blogger
Vancouver, BC, Canada