Big Data is a term for digital data sets that are large or complex that traditional data processing is inadequate to deal with them. These data are valuable asset helping business and the society discover new chances and values when it is analyzed on-point. Big Data is a treading word since 2012 with its concept of providing opportunity to find new insights.
Big Data is a term used to describe collection of data that is huge in size and yet growing exponentially with time. In short, such a data is so large and complex that none of the traditional data management tools are able to store it or process it efficiently. The Big data includes both numerical data called “Quantitative Data” and text data called “Qualitative Data.” For example, data considering a new product’s purchase history, and the age, sex of the customers is “Quantitative Data,” which is generally used for setting marketing plans. In contrast, the data considering the customer’s purpose of the purchase, or what would intrigue them to purchase the product is “Qualitative Data,” used to analyze the thoughts and actions of the customers.
Analysis of big data makes business agile and robust. It’s the next big thing for innovation, competition and productivity. We could expect an explosion when one combining the big data and the internet of things in the development of their business.