Need of big data:

Big data sets are generally huge – measuring tens of terabytes

It follows basic logic: The more you know about a problem or issue, the more reliable the solution.
In other words, big data is an opportunity for businesses to be more thorough in the way they
analyze and understand the world.
Data, in today’s business and technology world, is indispensable. The Big Data technologies and
initiatives are rising to analyze this data for gaining insights that can help in making strategic
decisions. Big data means deeper insights and more certain findings. The breadth of information
provides businesses with more reliable insights and can drive more confident decisions.In recent
years, the rapid development of Internet, Internet of Things, and Cloud Computing have led to the
explosive growth of data in almost every industry and business area.
In digital world, data are generated from various sources and the fast transition from digital
technologies has led to growth of big data. It provides evolutionary breakthroughs in many fields
with collection of large datasets
STRUCTURED,UNSTRUCTURED, AND SEMISTRUCTURED BIG DATA SETS:
The term big data was preceded by very large databases (VLDBs) which were managed using
database management systems (DBMS). Today, big data falls under three categories of data sets
– structured, unstructured and semi-structured.
Structured data sets:
Comprise of data which can be used in its original form to derive results. Examples include
relational data such as employee salary records. Most modern computers and applications are
programmed to generate structured data in preset formats to make it easier to process.

Unstructured data sets:

On the other hand, are without proper formatting and alignment. Examples include human texts,
Google search result outputs, etc. These random collections of data sets require more processing
power and time for conversion into structured data sets so that they can help in deriving tangible
results.
Semi-Structured data sets:
Are a combination of both structured and unstructured data. These data sets might have a proper
structure and yet lack defining elements for sorting and processing. Examples include RFID and
XML data sets.
How Big Data Is Used in Businesses:
Big data analytics is done using advanced software systems. This allows businesses to reduce the
analytics time for speedy decision making. Basically, the modern big data analytics systems allow
for speedy and efficient analytical procedures. This ability to work faster and achieve agility offers
a competitive advantage to businesses. In the meantime, businesses enjoy lower cost using big data
analytics software.
COCA COLA:
Real example of a company that uses big data analytics to drive customer retention is Coca-Cola.
In the year 2015, Coca-Cola managed to strengthen its data strategy by building a digital-led
loyalty program. IN AN INTERVIEW COCA COLA’S DIRECTOR OF STRTEGY said :Data is
also helping us create more relevant content for different audiences. We want to focus on creating
advertising content that speaks differently to different audiences. Some people love music. Other
people watch every sport no matter what time of year. Our brands are already visible in those
spaces, and we’re working hard to use data to bring branded content that aligns with people’s
passions
Born Digital Data
It is the information which has been captured through a digital medium, e.g. a computer or
smartphone app, etc. This type of data has an ever expanding range since systems keep on
collecting different kinds of information from users. Born digital data is traceable and can provide
both personal and demographic business insights.
Examples include Cookies, Web Analytics and GPS tracking.
NETFLIX:
An example of a big brand that uses big data analytics for targeted advertising is NETFLIX. With
over 100 million subscribers, the company collects huge data, which is the key to achieving the
industry status Netflix boosts. If you are a subscriber, you are familiar to how they send you
suggestions of the next movie you should watch. Basically, this is done using your past search and
watch data. This data is used to give them insights on what interests the subscriber most.
Big Data Analytics for Risk Management:
Risk management plan is a critical investment for any business regardless of the sector. Being
able to fore see a potential risk and mitigating it before it occurs is critical if the business is to
remain profitable.Big data analytics has a huge potential for enhancing the quality of risk
management models. Therefore, a business can be able to achieve smarter risk mitigation strategies
and make strategic decisions.
UOB BANK SINGAPORE:
Is an example of a brand that uses big data to drive risk management. UOB bank recently tested
a risk management system that is based on big data. The big data risk management system enables
the bank to reduce the calculation time of the value at risk. Initially, it took about 18 hours, but
with the risk management system that uses big data, it only takes a few minutes. Through this
initiative, the bank will possibly be able to carry out real-time risk analysis in the near future.
AMAZON:
The online retail giant has access to a massive amount of data on its customers; names, addresses,
payments and search histories are all filed away in its data bank.
While this information is obviously put to use in advertising algorithms, Amazon also uses the
information to improve customer relations, an area that many big data users overlook.
Starbucks:
Have you ever wondered how Starbucks can open three branches on the same street and not have
their business suffer?
The coffeehouse behemoth uses big data to determine the potential success of each new location,
taking information on location, traffic, area demographic and customer behaviour into account.
Making this kind of assessment before opening a store means Starbucks can make a fairly accurate
estimation of what the success rate will be and choose locations based on the propensity toward
revenue growth.

IMPORTANCE OF BIG DATA:

Big data analytics helps organizations harness their data and use it to identify new opportunities.
That, in turn, leads to smarter business moves, more efficient operations, higher profits and happier
customers.
Big data means deeper insights and more certain findings. The breadth of information provides
businesses with more reliable insights and can drive more confident decisions.
Cost reduction:
Big data technologies such as Hadoop and cloud-based analytics bring significant cost advantages
when it comes to storing large amounts of data – plus they can identify more efficient ways of
doing business.
Faster, better decision making:
With the speed of Hadoop and in-memory analytics, combined with the ability to analyze new
sources of data, businesses are able to analyze information immediately – and make decisions
based on what they’ve learned.
New products and services:
With the ability to gauge customer needs and satisfaction through analytics comes the power to give
customers what they want. Davenport points out that with big data analytics, more companies are
creating new products to meet customers’ needs.

Helps identify trends to stay competitive:

As mentioned earlier in this post, one of data analytics’ primary objectives is to determine
patterns within large data sets. This is particularly useful for identifying new and emerging
market trends. Once identified these trends could become the key to gaining a competitive
advantage by introducing new products and services.
Helps in selecting target audience:
One of the key value props of big data analytics is how you can shape customer data to provide
more insight into consumer preference and expectations. A deeper analysis of customer data can
help companies in identifying and targeting audience with utmost precision using tailor-made
products and services.
CONLUSION:
The world is moving towards a more connected future, and big data solutions are going
to play a big part in automation and development of AI technologies. Companies like
Google are already using Machine Learning processes for greater precision in delivering
their services. As technologies around the globe become more synchronous and
interoperable, big data will become the core that connects them together. Therefore,
companies using big data solutions need to keep up with its evolving nature while those
still reluctant to invest should rethink their organizational policies. There are a few pointers
which can be helpful in getting the most out of your investment in big data.
 Demand a value proposition from big data by investing in adequate
technologies to capture and store data. If you do not have the data, then you do
not have the benefits. Data discovery tools can help you in digging up big data
which is relevant to your business.
 Make use of big data to improve and innovate your applications and
services.
 Arrange organization-wide training to accustom your staff to big data
solutions and their usage.
 Interact and collaborate with big data users from associated fields of
businesses to derive more benefits and bring down usage costs.
 Avoid siloed big data management and stay open to integration with shared
enterprise infrastructures.
 If shifting to a new data platform, choose those which have a special support
system for big data, such as in-memory processing, MapReduce, etc.
 Develop a tech strategy for your organization’s data and lay out a plan for
capturing and processing them in the long-run.
  Plan the financials for storage and processing of your big data as well.

Moreover, big data is also resonating with government and public-sector agencies, which
is a good sign for businesses all around the world as this will help deepen the public-
private collaboration in a range of fields.