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Big Data is a term for huge amounts of structured or unstructured data that possess problems for traditional data processing applications. As an organization or company expands, its data expands too, leading to high volume unstructured data spread over a multitude of database systems. Nowadays, more and more companies are spending money on Big Data and the accurate analysis of this data to help in better decision making, greater operational efficiencies and reduced costs.
Data can be classified based on volume: the size of data, velocity: the size at which data is being streaming, variety: data can be in different formats, complexity: data can be complex and come from many different sources and come at different times.
Big Data can come from a variety of sources, majority of which is social media. Other than that, many Internet of Things devices also contribute a major chunk of the incoming data. Other sources include websites and publicly available resources on the internet.
With large amounts of data, come huge challenges, especially of storing data and analysing it. How do you find the relevant information from a huge resource of data and how do you best use it to your advantage? That is the question that Bid Data wants to offer with the help of analytics and high performance computing.
With huge data, you need faster and better computational power. Some of the technologies, that is helping Big Data are, cheap and abundant storage, faster processors, open source data platforms like Hadoop, cloud computing, fast connectivity and other data processing techniques.
Keeping all this in mind, many open source services have sprung up that help in migrating and analyzing Big Data. While many services are available for data migration and Big Data, the two key standard service providers used by big companies are Amazon and Oracle. These open source services are the standard method for migrating data as they provide convenient methods and being open source, they are free.
So how is Big Data helping you? Well, with better analysis, companies can better understand their consumers and make them products which are useful for them while setting prices that maximize sales and customer satisfaction.
Acquiring all this data and successfully analyzing it can bring high profits to a company and give them a better understanding of their customers.