Big Data is a term used to describe the massive growth and availability of structured and unstructured data. While the term may seem to refer to the volume of data, it also refers to the technology (tools and processes) that an organization requires to handle these data volumes and storage facilities. Big Data spans three dimensions: Volume, Velocity and Variety.
Everyone is talking about Big Data trends, from challenges to the tools required for Big Data projects. Businesses understand that Big Data infrastructure will help them make better decisions. When Big Data platforms is effectively and efficiently captured, processed and analyzed, organizations gain a clear and complete understanding of their business which would lead to efficiency improvements, lower costs, increased sales and better customer service.
Every day we create 2.5 quintillion bytes of data - so much that 90% of the data in the world today has been created in the last two years alone. Similar to the complexity aspect of Big Data use, its growth rate is mostly due to the ubiquitous nature of real time big data processing, capture devices, systems and networks. We can expect that this growth rate will continue to increase in the future.
With a growing arsenal of customer data available from multiple channels, organizations can take advantage of Big Data and Big Data analytics to run their businesses more efficiently. Big Data solutions help detect customer sentiment about products or services of an organization and gain a deeper, visual understanding of the multichannel customer journey and then act on these insights to improve the customer experience. Application of Big Data solutions helps analyze customer behaviors across multiple channels to determine how, when, where and why customers are most likely to purchase.