1. the large volume of data in many environments.
2. the wide variety of data types frequently stored in big data systems.
3. the velocity at which much of the data is generated, collected and processed.
Organizations collect data from a variety of sources, including transactions, smart (IoT) devices, industrial equipment, videos, images, audio, social media and more. In the past, storing all that data would have been too costly – but cheaper storage using data lakes, Hadoop and the cloud have eased the burden.
With the growth in the Internet of Things, data streams into businesses at an unprecedented speed and must be handled in a timely manner. RFID tags, sensors and smart meters are driving the need to deal with these torrents of data in near-real time.
Data comes in all types of formats – from structured, numeric data in traditional databases to unstructured text documents, emails, videos, audios, stock ticker data and financial transactions.
Companies use big data in their systems to improve operations, provide better customer service, create personalized marketing campaigns and take other actions that, ultimately, can increase revenue and profits. Businesses that use it effectively hold a potential competitive advantage over those that don't because they're able to make faster and more informed business decisions.
For example, big data provides valuable insights into customers that companies can use to refine their marketing, advertising and promotions in order to increase customer engagement and conversion rates. Both historical and real-time data can be analyzed to assess the evolving preferences of consumers or corporate buyers, enabling businesses to become more responsive to customer wants and needs.
1. In the energy industry, big data helps oil and gas companies identify potential drilling locations and monitor pipeline operations; likewise, utilities use it to track electrical grids. 2. Financial services firms use big data systems for risk management and real-time analysis of market data.
3. Manufacturers and transportation companies rely on big data to manage their supply chains and optimize delivery routes. 4. Other government uses include emergency response, crime prevention and smart city initiatives.