From sharing a comment over internet to text message on your handheld device to audio and video files stored on your disk space to the transaction data in the server of a shopping arena to the live telecast of an event - all are data and thanks to rapidly proliferating handheld devices and internet use all over the world the volume of data is growing in electrifying speed. According to the latest estimates we create nearby 2.5 quintillion bytes of data everyday and it is more than surprising that in the last two years only we created more than 90% of the volume of data in the world. This huge chunk of unclassified and classified data is commonly referred as Big Data. Growth of data in the digital and cyber space is an everyday reality that we cannot do anything with, but the question is why this gigantic volume of data is so important, what this fuss is all about or so to ask, what is the significance of Big Data.
Importance of Big Data
Just think of a situation when as a strategic marketer you have come across a huge volume of consumer transaction records for the particular product segment across your area. Generally it seems huge, complex and futile to search this gigantic volume of data to put your research effort, but on the other hand with sophisticated data analytics this same volume of data can yield a lot of insights into consumer behavior, buying habits and levels of appreciation for various products which for a marketing or business strategist are invaluable raw materials for accurate decision making. So while seemingly unclassified junk of a huge volume of data looks as futile numbers, figures and alphabets without any material output, with data analytics they are transformed into valuable insights and decision making tools. So the significance or importance of Big Data lies more in data analytics than simply in volumes of raw data.
3 Dimensions of Big Data
The processing, use and analytics of Big Data can be summed up in 3 major dimensions, respectively as Volume, Velocity and Variety. While Volume of data is the quintessential aspect with the rapid growth of data every instant, Velocity refers to the speed of real time streaming data for further analysis and finally Variety stands for multiplicity of various types of data for further analysis to classify and draw insights. Let us exemplify these 3 dimensions of Big Data as per their significant in data analytics.
Big Data is the most promising frontier of technology geared towards data analytics. While ever increasing, constantly multiplying and rapidly proliferating data volume, real time data speed and variety of data have an overwhelming effect in our life, the real challenge lies for sophisticated data analytics to produce actionable insights and acumen for decision making process in different fields.