With companies like Google and Amazon building hugely successful business models data, how relevant is this trend for other, perhaps smaller, businesses? Kirstin Gillon investigates.
The term ‘big data’ reflects the enormous volumes of data that we are now generating in the world. But big data is about more than just size. It’s also about exploiting new sources of data, making better use of unstructured data, such as images and free-form text, and about making use of data in a real-time manner. This is often referred to as the ‘3 Vs’ of big data – volume, velocity and variety. There are three broad ways in which businesses can exploit this wealth of new data and associated analytical tools. First, they can use it to gain new insights about customers, operations or other aspects of performance and strategy, including:
- recognising new associations and patterns;
- linking data from disparate sources to gain new insights; and
- identifying exceptions, unexpected behaviour and outliers.
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