Big data technology is transforming nearly every industry quickly by providing actionable business information. Because of its effectiveness, even business leaders who are generally slow to adopt new technology are curious about implementing big data analytics and using its insights. By Jennifer Dublino.
The article then coverse:
- What is big data?
- What is the importance of big data for businesses?
- How can small businesses use big data?
- How can small businesses get started with big data?
- What is the future of big data?
- Big data and data analytics FAQs
Big data is defined by the three V’s: bigger variety of data, a larger volume of data (minimum of 1 terabyte) and a higher velocity of data. In other words, with big data, many different types of information are coming in fast. Another two V’s ― value and veracity ― describe big data that is truly useful and accurate.
Tracking sales data, customer retention statistics and gross revenue is a good start. However, in addition to tracking these metrics, you must ask insightful questions like the following: Which vendors offer the most value? Which product lines need the most improvement? Then, review the granular details that reveal the consequences of your current operational practices. These insights can yield crucial improvements. Nice one!
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