Big Data – The New Gold
Big Data, a trend that is showing no signs of slowing down. In fact, its impact is felt more and more with every passing day.
What is ‘Big Data’?
A very basic definition says : ‘Big Data’ is a term that describes large volumes of data, both structured and unstructured, that bombards a business on a day-to-day basis.
According to a study, every day, 2.5 quintillion bytes of data are created. These data come from digital pictures, videos, posts to social media sites, intelligent sensors, purchase transaction records, cell phone GPS signals, to name a few. This is known as Big Data.
While the term ‘Big Data’ is new, the process of gathering and storing large amounts of information for subsequent analysis is ancient. The only difference is that now more-effective interventions can be targeted in areas that so far have been dominated by gut and intuition rather than by data and rigor. Industry analyst Doug Laney articulated the now popular definition of big data as the four ‘V’s –
Volume: The amount of data being created is vast. Organizations collect data from a variety of sources, including business transactions, social media and information from sensor or machine-to-machine data. In the past, storing it would’ve been a problem – but new technologies (such as Hadoop) have come to the rescue.
Variety: Data is received in all types of formats, from structured, numeric data in traditional databases to unstructured text documents, email, video, audio, stock ticker data and financial transactions.
Velocity: Data streams-in at an unparalleled speed and must be dealt with in a proper and timely manner. RFID tags, sensors and smart metering are driving the need to deal with torrents of data in near-real time.
The importance of ‘Big Data’ not only revolves around how much data you have, but also how you utilize it. You can receive data from any source and analyze it to find answers that helps in:
- Cost Trimming
- Time Trimming
- New Product Development and Enhanced Offerings
- Smart Decision Making
“Every company has big data in its future and every company will eventually be in the data business.” – Thomas H. Davenport
About Blue Copper Technologies Pvt Ltd :
Blue Copper Technologies is a global Information Technology & Software Engineering company committed to creating value and delivering tangible business outcomes for large enterprises, small-and-medium businesses as well as emerging start-ups.
Blue Copper’s strengths include Software Product Engineering Outsourcing, Technology Migration, Application Lifecycle Management, High Performance Architecture Development, Data Management, Warehousing, Machine Learning & Analytics.
Blue Copper has customers in USA, UK, Germany, Singapore and in India. The Company’s Global Delivery Model provides for the best resources to be drawn from its vast talent pool across the globe to offer optimal solutions.
Blue Copper was founded by Industry Veterans with a single objective: Deliver value to the Customer & Associates. We are a team of highly skilled professionals. We have state-of-the-art facilities. We take pride in providing quality solutions within agreed time and budget.
November 23, 2018