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What is Big Data?

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The term Big Data appeared in 2008. For the first time it was used by the editor of the journal Nature - Clifford Lynch. He talked about the explosive growth in the volume of world information and noted that new tools and more advanced technologies would help to master them.

To understand Big Data, you need to define the concept and its function in marketing. These days, users generate data on a regular basis: when they open an application, search for information on Google, shop online, or just travel with a smartphone in their pocket. The result is huge amounts of valuable information that companies collect, analyze and visualize.

This term defines the masses of information that cannot be processed or analyzed using traditional methods using human labor and desktop computers. The peculiarity of Big Data is that the data array continues to grow exponentially over time, therefore, the processing power of supercomputers is required for the operational analysis of the collected materials. Accordingly, Big Data processing requires cost-effective, innovative methods of processing information and providing conclusions.

But why put so much effort into organizing and analyzing Big Data? Big data analytics are used to understand the attractiveness of goods and services, predict market demand and reaction to an advertising campaign. Working with Big Data helps firms attract more potential customers and increase revenues, use resources efficiently and build a competent business strategy. In order to carry out competent work with big data, you need the help of specialists, and we recommend you

Big Data characterizes a large amount of structured and unstructured data that is generated every minute in the digital environment. IBM claims that in the world, enterprises generate nearly 2.5 quintillion bytes of data every day! And 90% of the global data was received only in the last 2 years.

But it is not the amount of information that is important, but the possibilities that its analysis gives. One of the main advantages of Big Data is predictive analysis. Big Data analytics tools predict the results of strategic decisions, which optimize operational efficiency and reduce company risks.

Big Data combines relevant and accurate information from multiple sources to accurately describe the market situation. By analyzing information from social media and search terms, companies optimize digital marketing strategies and consumer experiences. For example, information about the promotions of all competitors allows the firm's management to offer a more profitable "personal" approach to the client.

Companies, government agencies, healthcare providers, financial and academic institutions are all using the power of Big Data to improve business prospects and customer service. Although research shows that almost 43% of commercial organizations still do not have the necessary tools to filter out irrelevant data, losing potential profit. Therefore, today the market has outlined a course for the modernization of business processes, the development of new technologies and the introduction of Big Data.

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