Big Data

  • Volume: The name Big Data itself suggest it contains large amount of data. The size of the data is very important in determining whether the data is “Big data” or not. Hence, “Volume” is an important characteristic when dealing with Big data.
  • Velocity: Velocity is the speed at which data is generated. In Big Data the velocity is a measure of determining the efficiency of the data. The more quickly the data is generated and processed will determine the data’s real potential. The flow of data is huge and Velocity is one of the characteristics of Big Data.
  • Variety: Data comes in various forms, structured, unstructured, numeric, etc. Earlier spreadsheets and database were considered as data. But now pdf’s, emails, audio, etc are considered for analysis.
  • Time
  • Cost
  • Product Development
  • Decision Making, etc
  • Big Data has enabled predictive analysis which can save organisations from operational risks.
  • Predictive analysis has helped organisations grow business by analysing customer needs.
  • Big Data has enabled many multimedia platforms to share data Ex: youtube, Instagram.
  • Medical and Healthcare sectors can keep patients under constant observations.
  • Big Data changed the face of customer-based companies and worldwide market
  • Structured
  • Unstructured
  • Semi-structured

Characteristics of Big Data

How are the Top MNCs Using Big Data Analytics to their Advantage?

1-Using Big Data Analytics to Boost Customer Acquisition and Retention

The utilization of big data enables organizations to watch different client related examples and patterns. Watching client conduct is essential to trigger devotion. Hypothetically, the more information that a business gathers, the more illustrations and patterns the company can probably recognize.

2-Use of Big Data Analytics to Solve Advertisers Problem and Offer Marketing Insights

Big data analytics can help change all business activities. The analytics incorporates the capacity to coordinate client desire, changing an organization’s product offering and guaranteeing that the showcasing efforts are incredible.

3-Big Data Analytics for Risk Management

The extraordinary occasions and profoundly unsafe business condition calls for better chance administration forms. Fundamentally, a hazard of the executive’s plan is underlying speculation for any business paying little respect to this area.

4-Big Data Analytics as a Driver of Innovations and Product Development

Another immense bit of leeway of enormous information is the capacity to help organizations improve and redevelop their items. Fundamentally, the vast information has turned into a road for making extra income streams through empowering advancements and item improvement.

5-Use of Big Data in Supply Chain Management

Big data offers provider systems more prominent exactness, clearness, and Insights. Through the utilization of enormous information investigation, providers accomplish logical insight over the supply chains. Fundamentally, through massive information investigation, providers can get away from the limitations confronted before.

Here are some Uses of Big Data and where it is used

  • Health Care
  • Detect Frauds
  • Social Media Analysis
  • Weather
  • Public sector.

Examples of how some MNCs are handling Big Data Analytics

  1. Amazon

2. American Express

3. BDO

4. Netflix

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