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MagRabbit discusses Big Data and How To Increase Competitive Advantage for their Customers through Web and Mobile Development.
Demands of using and sharing information have been increasing worldwide daily while leading data to become diverse, fast changing and may no longer fit the conventional database architecture. So Big Data technology comes into the world as a solution to the problem which has been drawing much attention recently.
Big Data is defined as the data that exceeds the processing capacity of a traditional system. It is described by the term “5Vs” which are Volume, Velocity, Variety, Veracity and Value.
Volume - the amount of data generated every second
The volume of data has been increasing dramatically because of social network and social media trend. It is obvious that those data sets are too large to store and analyze for the conventional database technology. Big Data using distributed systems will solve all requirements of data storage and analysis across databases that are dotted.
Velocity - the speed at which new data is generated and moves around
As the data is changing at a high rate of speed approaching to real time, the processing time of analysis becomes much more important.Big Data technology processes the data right away before putting it to the database.
Variety - different types of data we use
Big Data tool enables us to analyze data of various kinds such as structured data (files, texts) and unstructured data (messages, video, images, voice…) and bring them together.
Veracity - the trustworthiness of data
When there is an increase in data amount, speed and diversity, its quality and accuracy will be less controllable. With Big Data Analytics, we can work with this type of data.
Value - beneficial information from Big Data
Extracting valuable information from the data is the key point in using Big Data. Hence, the most important feature of this technology is providing data value for building competitive advantages in business.
Big Data Analytics is a process of collecting, analyzing sets of massive data to find out patterns and useful information. Thanks to this technology, businesses can have better understandings by analyzing and evaluating customer needs, behaviors and preferences. It is the analyzing result of data collected from customers and other sources that supports to promote their relationship with customers. They can also optimize their goods or services and develop appropriate strategies by making the most of predictions from data analytics.
Together with the Internet explosion and increasing demands of online purchase, businesses try to gain more cross selling opportunities by taking advantage of beneficial information from Big Data technology. Customer behaviors can be referred from orders, transactions, emails or the activities they have done. Businesses can also realize their customer needs, attitudes and preferences from survey responses and social media data. So, a huge load of collected data needs processing and analyzing to accomplish those goals. For instance, Wal-mart has used this architecture through a search engine WalmartLabs detecting customer needs or what they are seeking and discovered their purchase intents by following customers’ tweets, posts, likes, comments on twitter, facebook, etc. For businesses Big Data is considered as useful marketing tool to understand customers, improve customer loyalty and increase their competitiveness in the market.
According to Gartner’s Hype Cycle for Emerging Technologies, Big Data is one of topics drawing attention in IT industry and it reached the Peak of Inflated Expectations last year, 2013. This approach has been used for a variety of areas and proved its preeminence. So depending on different needs, each of these businesses should apply Big Data technology appropriately and efficiently.