Big Data: The value of data in business

Big Data's importance for business

Nowadays, huge amounts of data are generated all the time, which makes a clear and efficient traditional analysis difficult. Therefore, data analysis is performed by predictive models, statistical algorithms, and high-performance analytical systems that have the ability to collect, store, process, analyze and discover patterns in the collected data.

Big Data plays an important role in finding trends and patterns within large volumes of data, which enables the discovery of market trends or the adjustment of internal operations of companies or businesses. The huge volume of data allows Big Data to be a rich source for extracting insights and for developing new strategies in different business areas.

5 V's of Big Data

The 5 V's of Big Data presented below - volume, velocity, variety, veracity and value - are the basis for better organization and efficiency when implementing the Big Data concept in any business area.

Volume

It refers to the amount of data that exists, involving different sources. The volume of data is like the base of what Big Data is and to be considered Big Data, the volume of data has to be large enough.

Speed

As far as the speed with which data is generated and moved around. This aspect can become very important for businesses that need their data to flow quickly, so that it is available at the right time and the best decisions are made from the insights generated from the data.

Variety

A business can get data from different sources, varying in value and form - structured, unstructured or semi-structured - that can arrive from sources from inside or outside the business. Thus, variety refers to the different types of data and the sources through which it is obtained.

Veracity

Veracity concerns the level of quality, accuracy and fidelity of the data. The data collected may be inaccurate or may not be able to present a true representation, so it is important that the data is authentic and collected from reliable sources as it is impossible to work with data based on unsubstantiated information.

Value

This refers to the value that Big Data can provide and is closely linked to what businesses can do with the data collected. Being able to get value from Big Data is like a must-have, as the value or importance of data increases depending on the insights that each business is able to get from using it.

How can data be used in business?

Through the obtained data it is possible to perform analysis with greater precision. The analysis of the data obtained in real time allows for insights to improve decision making, customer acquisition and retention, greater efficiency and operational control, and development of new products and services to accelerate business growth.

Data analysis when done efficiently is a help and a competitive advantage for any business area that aims to achieve revenue, improved results and customer relations.