What is Big Data?
Big Data is a body of information that is enormous in volume and is constantly expanding exponentially. No typical data management systems can effectively store or process this data because of its magnitude and complexity. Big data is an extremely large type of data, i.e., social media, stock exchanges, and large institutions. Three types of big data are structured, unstructured, and semi-structured.
Such big data needs systematic efforts and provisions for storage, segregation, management, and security. The actual size range of big data is a relative term. When it comes to big data, we are referring to terabytes, petabytes, and exabytes of data.
What are the business benefits of Big Data?
Big data enhances fraud prevention systems in large financial institutions by performing robust financial analyses.
Big data helps systematic analysis of big chunks of data to derive better business results and insights.
Big data is used for data mining to improve customer relationships in organizations to maximize customer acquisition and retention.