“Big Data” is a term used to refer to a very large and very complex set of data those traditional data processing applications and tools cannot handle. However, Big Data contains a lot of valuable information that it will help a lot for business, scientific research, and prediction of upcoming diseases and even identification of real-time traffic conditions if being successfully extracted.
How can Big Data help people? Actually, Big Data must be collected, organized, stored, searched, and shared in a different way. Big Data, in general, can bring us four main benefits: cutting costs, reducing time, increasing development time and optimizing products, as well as assisting people in making right and proper decisions.
To be more specific, when you go shopping online on eBay, Amazon or similar sites, these pages will also offer you some next suggestion products; for example, when you find and watch the phone, that page will suggest some back cover, backup battery for you. Therefore, the fact that customers’ interests, habits are researched also indirectly help businesses to sell more goods.
Where can we find the information about customers’ interests and habits? We can find it from the huge amount of data which businesses collect while customers visit and interact with their website. Moreover, as long as businesses know how to exploit Big Data effectively, Big Data will not only increase their profits but also increase the users’ shopping experiences; and we can save more time thanks to these suggestions, which is more beneficial than the fact that we have to search by ourselves.
Furthermore, it is difficult for us to develop or buy solutions to exploit Big Data by ourselves, because the prices of Big Data are too expensive, even up to hundreds of thousands of dollars. Besides, if there are just a few Terabytes for a long time, the amount of data we have is not seen as “Big Data”.
Added to this, Big Data also helps organizations and governments to predict unemployment rate, career trends in the future to invest in those, or cut down on spending, stimulate economic growth, even make a precautionary plan against a disease. Moreover, according to Oracle, analyzing Big Data and high-capacity data has helped organizations to earn $10.66 for every $1 of analytics costs, which means more than 10 times when compared with the previous time. A school in a large district in the United States also achieves $8 million in annual sales growth, while another anonymous financial company increases its profit by 1,000% over its three-year investment.
In conclusion, Big Data is a significant issue in our modern life, which is also a challenge for organizations and businesses in the current digital age: once mastered Big Data, they will have a greater chance of success in today’s competitive market.