The term “big data” is relatively new; however, the concept of collecting, analyzing, and using large sets of data for decision making is ages old. As more and more data is created through advances in technology, the value is becoming more mainstream for organizations of all sizes.
The Bits and Bytes
Big data is a culmination of the high-volume, variety, and velocity of which data is produced and shared. Today, data is created at an exponential rate and comes from all sources and different types. The speed at which data is gathered and processed has significantly increased over the past decade, due to advances in technology.
Big Data and your Business
Information is king. However, on its own it doesn’t mean much unless data is evaluated, organized, and interpreted with the goal of adding value to decision making. Here’s some examples of how big data can help your business:
- Increase sales and revenue
- Advise in the development of new products
- Improve customer experience
- Provide opportunities to grow
- Find variability and optimize production
As technology continues to advance, more data will be created. The continual rise of the Internet of Things, as an example of a new variety, will continue to add to the mix.
Big data is here to stay, and will be helpful for Fortune 500 companies and small businesses alike. Let Nextrio help you with your IT strategy or day-to-day needs by contacting us at (520) 519-6301 or visit us online at www.nextrio.com.