Big Data

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Big Data

Big Data and Business Strategy
Businesses have come a long way in the way that information is being given to management, from comparing quarter sales all the way down to view how customers interact with the business. With so many new technology’s and new systems emerging, it has now become faster and easier to get any type of information, instead of using, for example, your sales processing system that might not get all the information that a manger might need. This is where big data comes into place with how it interacts with businesses. We can begin with how to explain what big data is and how it is used. Big data is a term used to describe the exponential growth and availability of data for both unstructured and structured systems. Back in 2001, Doug Laney (Gartner) gave a definition that ties in more closely on how big data is managed with a business strategy, which is given as velocity, volume, and variety. Velocity which is explained as how dig data is constantly and rapidly changing within time and how fast companies are able to keep up with in a real time manner. Which sometimes is a challenge to most companies. Volume is increasing also at a high level, especially with the amount of unstructured data streaming from social media such as Facebook. Also including the amount of data being collected from customer information. The final one is variety, which is what some companies also struggle with in handling many varieties of structured and unstructured data. By being able to expand on how to handle volume, variety, and velocity measures what companies can do with such a huge amount of data. Many companies actually benefit from having big data in ways that it saves up time trying to figure out what is what, and actually spend time trying to come up with new ideas and products. It is easy to analyze how the company is actually doing, and might…...

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