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Understand What Big Data is and How It can Help your Business Strategy

We are living in the age of  information revolution and Big Data. Huge volumes of data are generated and used by businesses and consumers every day. We use them to make decisions in our daily lives, to work, to inform ourselves… And this is the case in all sectors: retail companies, health, security, entertainment, government, science, and so on.

An important opportunity arises here for companies like yours. Being able to manage, analyze and interpret the information and knowledge available can allow your organization to get closer to your customers like never before and achieve understanding of them, supporting operations with better management of the internal and external processes of your company.

 

What is Big Data?

It is a complex and high-volume dataset that, given its characteristics, traditional tools are unable to process in a reasonable time and cost range. We are talking about datasets that exceed the capacity of common software to be captured, managed and processed. This concept is becoming the heart of the Data Science strategy of many companies. For its management, we need to use special technologies that allow us to work with huge volumes of structured, unstructured or semi-structured natures, which can come from sensors, microphones, cameras, scanners, images, social networks and the internet, among many other sources.

By implementing Big Data projects we seek to better understand our business information and the problems we need to address, explain relevant events, and create models that allow us to predict future events and behaviors. We help ourselves with the use of technologies and resources that facilitate the exploration and analysis of these enormous volumes of complex and varied inputs. The objective is clear: convert data into information that facilitates decision-making in real time.

Data has become critical across all industries and business functions. Regardless of the field or sector in which your company works, a new datum is born every second, which can represent great opportunities. If you are not taking advantage of them and implementing them in the core of your business strategy, you are wasting information and knowledge that are key to success.

Big Data creates value in different ways for your organization. It is a factor of competitiveness and leads to increase productivity and value for the consumer, the organization and society in general.

 

The 3Vs

We already understand the concept and its importance in companies like yours or Huenei. Now we want to tell you about the fundamental characteristics of Big Data. These are magnitudes that define it and that have been studied from different analysis models. The original approach talks about the 3Vs:

  • Volume. Inputs of facts, information, evidence, etc. can be internal or external. This causes millions of GB of data and information to be generated, stored, managed, analyzed and used every minute.
  • Speed. Information is continuously being generated, so companies need to be able to access, store, analyze and use it immediately in order to make decisions.
  • Variety. Data is not homogeneous. That is, a wide variety of structured, unstructured, and semi-structured natures take part of the analysis. We will talk more in detail about them in another article later!

Over the years, other models have emerged that speak of the 5Vs, 7Vs and even 8Vs…

Illustration by Sphinx Worldbiz Limited

Big Data Analytics

At Huenei, we firmly believe that database preparation takes about 80% of an analyst’s time. Database preparation covers all activities to build the final data set from the initial raw data. This is an important process because, due to the 3Vs (or the number of Vs you want to imagine), it implies that the raw data is usually corrupt, that is, it is noisy, incomplete, has missing attributes, outliers, missing values, lack of structure, and other characteristics that make analysis difficult. The preparation stage solves these types of problems to ensure that the final data set used for analysis and modeling is correctly structured.

Then we can move on to the fun instance: Analytics. It is the process of sifting through large volumes of data to discover hidden patterns, unknown correlations, and other useful information (such as market trends or customer preferences) that can be used to make better business decisions.

There are different tools for Data Analysis. Some can be used for free and others are for commercial use, so they have a cost in the license of use.

what big data is: some big data tools

We hope that after talking about the characteristics of Big Data and its importance for organizations like yours, you have been able to understand the value it offers for the structure and strategy of your business. The process of implementing the use of enormous amounts of data can take time and involve large software and data engineering developments that allow supporting large constant information flows. At Huenei we have experience working with software development projects of all kinds in a wide variety of industries: entertainment, financial, government, retail, and more. We love helping our clients implement projects of all natures, such as the implementation of this kinds of projects in the core of their businesses.