What Is Big Data And What Does It Mean For Your Online Business?

Many people have no idea about Big Data, its true definition or its enormous potential.

The essence of Big data can be ambiguous and challenging.

 

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What Is Big Data?

 

Big data is technically defined as a collection of data sets:

  • Both structured and unstructured data
  • Data that is “on-boarded” from physical sources to online sets
  • Both transactional and not transactional
  • Both in-house data and data from third parties

 

The Nature of Big Data

Big data is stored in many different forms.

Generally, big data can be thought of as a big, messy clump of data that can be difficult, though not impossible to fit neatly into your existing computing systems.

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What Makes Big Data Big?

Here’s a definition that’s related to the data’s characteristics and its size relative to current computing capabilities:

Containing volume, velocity and variety.

Some add a 4th “V” which stands for “veracity” to incorporate the quality of data as well.

 

The Simplest Definition of Big Data

Big Data is data of any size that requires new tools in order to compute.

The term “big data” can be relative to the improvement of future computing capabilities.

Data sets considered “big” today may be considered “average” or “small” in just a short period of time.

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Big Data Can Be Confusing

The term “big data” can be confusing to some people.

What makes “big data” actually useful to companies are the “big connections” it enables – between people, places and things – that in the past were practically impossible to mine data sets from in any understandable manner.

 

Some People Try To Put A Number on Big Data

Example: 1 million, 2 million or 3 million terabytes etc. flow into a data center within a defined time frame.

Big Data is said to be equivalent to 2,621,440 terabytes of data per day.

However, any type of measurement is useless since it’s just a snapshot in time and is totally meaningless when you look at the big picture.

 

Data Sizes Are Definitely Getting Bigger

By the time you hear this, big data will be even bigger than it was when they were written.

There are data sets on the horizon that are so large there’s still no way to measure them in today’s measurement terms.

 

The Bigger The Data, The Harder To Visualize

That much data may be hard to visualize so it’s difficult to imagine what will come next.

The word to describe the next size of data hasn’t even been invented yet.

What’s certain is that bigger data sets are coming.

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New Analytical Tools Are Constantly Being Developed

It may be confusing but rest assured that new analytical tools are constantly being developed that can be used on any type of data sets, regardless of size, complexity or format.

 

Individual Businesses Should Consider The Size of Their Data Sets

This is necessary to deal with the storage, transfer and other data management tasks associated with deriving value from it.

In terms of data analysis, the size of the data package isn’t all that relevant.

Along with these suggestions, learn more ways to analyse big data and use it to build and grow your business online.  Click here to learn more about other data management tips; My Daily Choice Program.

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