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Big Data Explanatory Guide



 Technological advances in recent decades are noticeable and, of course, people and companies are heavily impacted every day. With so many advances, one detail in particular draws attention. It's about the wide variety of information available. This information is digitized data shared by billions of users across social networks, blogs, websites, streaming services and banking institutions, 24/7. Everything that happens on the internet is a kind of information being shared.

Now imagine a big cardboard box with tons of shredded pieces of paper inside, of different sizes, shapes, colors and different notes.

At a certain point you need to manually find the blue, round piece of paper with a letter C marked. This all in a few seconds.

You are invited to discover in this blog post what it is and what is the relevance of this tool nowadays. Have a great read. 

 

Unraveling the concept of Big Data

As you read this text, a high volume of information is being shared on the internet. This is happening now and will continue to happen while you are having lunch or sleeping. It can be said that the world has never generated as much data as it does today. In 2020, 40 trillion gigabytes of data were generated worldwide. 

Information is knowledge and data analysis is important for companies to guide their next steps and define new strategies. But it would be impossible to retain, organize and analyze so much information using conventional mechanisms. 

Without the ability to analyze so much informational data in a short amount of time, it would end up being wasted by companies. The function of Big Data is precisely to make this analysis as fast and efficient as possible.

Big Data is, therefore, the set of techniques capable of receiving, organizing and analyzing large volumes of unstructured or semi-structured data, from numerous sources, at high speed.

Within the concept of the tool there is a division into 5 categories: the 5 Vs. 

 

What are the 5 most important Vs?

In the information age and the complex processing of the volume of data that are available, it is necessary to understand some of the main pillars of the tool. Some people talk about 3 pillars, others talk about 6 or even 42 Vs. But here you will find out what the 5 most important Vs are. 

1- Volume: this first V is related to the basic concept, which is the large volume of data produced every second in the world. This data originates from all devices connected to the internet, it is not generated only by humans, taking into account that any object that is online supplies Big Data .

2- Variety: the technology is capable of absorbing and generating data from different sources of information ranging from musical preferences, location, clicks on web pages or mobile device applications. They can come from social networks like Facebook , Instagram , or search pages like Google . 

This new data can be texts, videos and audios that arrive unstructured or semi-structured and need to go through a debugging process so that they have real meaning and can be used as metadata. 

3- Speed: it would be useless to receive a high volume of information and take a long time to process all this data. Imagine every social media post going viral every second or bank card transactions being verified instantly. The idea is that all this information is analyzed at the exact moment it is created. 

4- Veracity: not all that glitters is gold. With so many fake news dumped on the internet, it is essential to know how to separate the wheat from the chaff, that is, what is true. The data needs to report as accurately as possible.  

5- Value: nothing would make sense without this V. Of course, getting data is important. But a company must always question what will be done with the data received. More important than the “whats”, are the “whys.” The data received must be relevant to your business .

 

How Big Data can help a company

Making the best decisions for your company from data analysis doesn't have to be just a distant dream. It is now possible to understand your customer's preferences and behaviors, know what consumers' needs are at a given moment and have the opportunity to adapt to what is happening in the world, practically in real time.

Using technologies such as Artificial Intelligence is a differentiator for companies to get ahead. An organization that is able to take ownership of what is happening around it based on data, is able to have a more accurate view of the market and improve its decision making. 

In the past, corporate decisions were defined based on the experiences of their managers. Of course this is also important. However, now, with tools that transmit more assertive data available, everything can be easier and more economical.

Big Data can help reduce costs and demonstrate where more or less resources should be invested. With greater interaction with customers, the definitions of marketing and loyalty strategies can be more personalized.  

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