How Big Data Is Beneficial For Businesses
Big data is defined as the collection, processing and availability of huge volumes of streaming data in real-time. Most companies have moved big data and analytics to the center of their business. Because when big data and analytics become the logical engine, they impact decisions, fuel interactions and engagement and power up processes and systems of record and everyone gains great insights necessary to respond to the demands of business through decisive action.
Big data is different from old school data management in terms of the following three key concepts, Volume, Velocity and Variety. Volume refers to the amount of data; variety refers to the number of types of data and velocity refers to the speed of data processing.
As
…show more content…
Starbucks
Starbucks is one of the most popular coffeehouses in the world that uses big data to determine the potential success of each of it's franchises. It takes information on location, traffic, area demographic, as well as, customer behavior into account before opening up an outlet.
Using big data to make this kind of assessment before opening a store enables Starbucks to accurately estimate the success rate and the propensity toward revenue growth based on it's location.
Big Data Trends in 2017
2017 has ushered in more awareness and adoption of data-informed decision-making for companies around the world. Following are the trends to watch out for in 2017.
1. Big Data becomes fast and approachable
2. Variety, not velocity or volume, drives big-data investments. Analytics platforms will be evaluated on the basis of their ability to provide live direct connectivity to these disparate sources.
3. Convergence of IoT, cloud, and big data together will create new opportunities for self-service analytics.
4. Self-service data prep goes mainstream as end users begin to shape big data.
5. Rise of metadata catalogs helps people find analysis-worthy big data.
Benefits of Big Data