Why Big Data is so important for any business organization and current society?
Below image explain it in 3 simple sentences.
The value of big data to an organization falls into two categories:
- Analytical use
- Enabling new products
- Big data analytics can reveal insights hidden previously by data too costly to process, such as peer influence among customers, revealed by analyzing shoppers' transactions, social and geographical data.
Being able to process every item of data in reasonable time removes the troublesome need for sampling and promotes an investigative approach to data, in contrast to the somewhat static nature of running predetermined reports.
Enabling new products
- The past decade's successful web startups are prime examples of big data used as an enabler of new products and services.
For example, by combining a large number of signals from a user's actions and those of their friends, Facebook has been able to craft a highly personalized user experience and create a new kind of advertising business. It's no coincidence that the lion's share of ideas and tools underpinning big data has emerged from Google, Yahoo, Amazon and Facebook.