How Big Data can help your Firm Exceed your Peers

Big data got a lot of potential to advantage organizations and firms worldwide in any industry. It is just more than just a mere data and especially blending different data sets providing businesses with real data insights and knowledge that can be used extensively in the decision making and to improvise and enhance the financial position of a company. Big data could be explained more considering three V’s widely known as velocity, variety and volume.

1. Velocity – It refers to the speed at which data is developed, analyzed, stored and visualized. Earlier, when batch processing practice was commonly used, it was very normal to get an update to the database in a week or so. Servers as well as computers take their own time in updating the data in the respective databases. In such a big data era, data is built in real time situations and with the availability of all resources like internet connected devices, machines and others, it is damn easy to fetch and pass on the data at the right moment it has been created. The speed at which data is created and accessed is unimaginable. Just for a record, it has been estimated that about 100 hours of video get uploaded on You Tube, 30,000 images get uploaded on Flickr, 2.5 million queries get solved on Google, and over 200 million e-mails are sent every minute and more. The biggest challenge companies have been facing is the enormous speed at which data is created and used in real time.
2. Variety – Earlier, the data created was structured one neatly fitting in all rows and columns but those days are gone. But now scenario has been changed and 90% of the data generated by companies and firms is unstructured form of data. These days data is available in multiple forms and formats including structured data, semi structured data, complex structured data and unstructured data. The vast variety of data needs a different approach and technique to store and save all raw data. There are different types of data that demand different tools to use. The social media platforms give different insights and sentiment analysis on your brand whereas sensory data provides the formation about how the products should be used and what the mistakes are.
3. Volume – 90% of all the data was created in last 2 years and the volume gets doubled each year. The sheer volume is enormous and expanding a lot creating data with every second. In the past, data creation led to many problems and now days with lowering down of storage costs, and better storage options including Hadoop and related algorithms create meaning from all that information that is not a big problem at all.

It is for sure that data in itself is not only valuable at all. The value lies in the analysis done on that data asset and how it is transformed into information and eventually into knowledge and expertise. What matter is how organizations will use and value that data and turn it into information centric company that is based on their decision making on insights fetched from data analyses? By analyzing and keeping a keen eye on all the data in your firm may find arenas that can be improvised and can be conducted in a better way. Especially in the logistics industry, it is extremely vital to make data more efficient and sources available in the supply chain. There are generic use cases that blend a small portion of the immense possibility of big data recommendation engine showing endless opportunities to take benefit of the big data. Organizations and firms that are key players in this industry including IB Technologyprovides a different big data approach and making apt usage of such possibilities enhance business value and assist to stand apart from your competitors.