VOLUME. VARIETY. VELOCITY.
You would have heard of the term “Big Data”. Big data can be analyzed for insights that lead to better decisions and strategic business moves. Furthermore, Big Data can be characterized by the 3 V’s.
First thing to remember is data is gathered in large volumes. Specifically used to describe terabytes, petabytes and exabytes of data captured over a period of time. As can be seen Big Data is gathered from sources like business transaction systems, your customer databases, internet clickstream logs, mobile applications, social networks etc. In essence everything that makes up the digital footprint of your company.
Secondly, Big Data includes a wide variety of data which includes structured data. Markedly, a database of information. This kind of data which has been organised into a formatted repository (your database) is organised in such a manner to be retrieved for processing and analysis. Similarly, data also includes semi-structured data (or metadata). Another key point is that a very small amount of data is not structured. Semi-structured data, which is not organized in a complex manner, however, makes sophisticated access and analysis possible. Given that Big Data is also comprised of unstructured data, which is information stored in many different formats, companies can still use this information as part of business intelligence and in analytics applications.
Equally important, Big Data also includes the velocity at which the data must be processed. That is to say the speed at which data is being generated. In real-time the data is processed in the time that it is captured or needed. In truth it is ideal to process your data fast enough to respond to events as they happen. For example, a learner submits an application to enroll in one of your courses and makes a payment online. The best outcome is that the submission is approved within a few seconds. Thus, the learner gets an immediate confirmation of his enrollment.
NBS Digital Technologies has the expertise and training to understand Big Data. Through our analytical wing, we can assist your business in using real-time data and analytics to make informed business decisions which will allow your company to grow.