Importance Of Big Data For Small Business And Enterprises
Big data is a term for data sets that describes the large volume of data that is created and stored on a global level.
These data sets are so large and complex that traditional data processing applications are inadequate.
Big Data can be in both structured and unstructured formats. Big data is being originated by the environment around us at all times.
Digital devices and Social Media are the major sources of big data. The big data so produced is further transmitted by systems, sensors, and mobile devices. It is gathered from multiple sources at a high velocity, in large volume and numerous varieties (3V’s).
This data is only the raw facts and figures. Thus, it’s not the amount of data that’s important. It’s how the data is being used that matters.
It includes various challenges like data mining, data analysis, data capture, search, storage, transfer, and security. Big data can be made useful for insights so as to take better decisions for strategic business moves.
The increase in data accuracy maximizes the operational efficiency, minimizes risks and leads to cost reduction.
Significance of Big Data
Where does big data come from? Prior to 2012, US was the largest single contributor to global data.
However from 2012 onwards, only 32% of the global data was contributed by the United States. Apart from the US, 19% data from Western Europe, 4% from India, 13% from China and 32% data from the rest of the world contributes to the global data.
The emerging markets are showing the largest increases in the data growth. In 2020, it is expected that only 23% of the data will be contributed from the United States while other countries like China will contribute up to 21%, Western Europe up to 15%, India up to 6% of the global data.
Prior to 2012 US was the only contributor to global data.
Now the question arises how much data is there worldwide. In the year 2012, it is estimated that the amount of information stored over the web exceeds 2.8 Zettabytes’.
By 2020, the total amount of data stored is expected to be 50 times more than today. Half of the data stored in the digital universe is unprotected.
Big data can only be useful if it is properly analyzed and converted into meaningful information. An estimated 33% of the information could be useful if it is appropriately tagged and analyzed.
The amount of data actually analyzed is 0.5%.Optimal processing power, analytics capabilities, and skills are needed for information gathering.
Thus, big data has its own significance, if it is properly analyzed and converted to information. This information leads to knowledge. Knowledge further gives wisdom which means the effective use of knowledge in decision-making.
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