What is big data and what is its importance?

Big data helps companies make decisions more quickly, efficiently and without complications, in addition to identifying new business opportunities.

Big data describes large volumes of data, difficult or impossible to process through traditional methods, which are used to obtain ideas and make better business decisions. No matter what sector they belong to, it is increasingly common for Colombian companies to resort to the analysis of their data to help them opt for smarter strategic moves, but what is big data and what is its importance?

This term big data, refers to data sets or combinations of data sets whose volume, variability and speed of growth make it difficult to capture, manage, process or analyze them in a conventional way within the time necessary to that are useful.

Defining at what size a data set is considered big data is not very clear and continues to change with technological advances, but most analysts and professionals refer this way to packages that start at 30-50 terabytes and They can reach several petabytes .

What is the importance of big data ?

What makes big data so useful to companies is the fact that it provides answers to questions they didn't even know they had, giving them a point of reference. With that much information, the data can be generated or tested as the organization sees fit.y

Searching for trends within data allows organizations to make decisions more quickly, smoothly and efficiently . Additionally, it allows them to eliminate problem areas before they destroy their profits or reputation.

This analysis also helps organizations identify new opportunities , which, in turn, leads to smarter business moves, more efficient operations, higher profits, and happier customers. Although each sector presents different benefits, in general the information obtained from data analysis allows :

• Reduce costs. Big data technologies and cloud-based analytics bring significant cost advantages when it comes to storing large amounts of data and identifying more efficient ways of doing business.

• Detect fraudulent behavior.

• Make smart decisions and reduce their time. The speed of analysis, mixed with the ability to examine new data sources, means organizations can make decisions based on what they have learned.

• Determine the root causes of failures, problems and defects in almost real time.

• Develop new products. With the ability to assess customers' needs and satisfaction comes the power to give them what they want. This means that it is possible to create new items to respond to those requirements.

• Optimize offers. Big data makes it possible to predict how buyers will behave in the future based on their past behaviors, so you can set informed offers and save money.

• Generate coupons for customers at the point of sale based on their purchasing habits.

• Have a greater knowledge of the market.

• Competition monitoring. Big data provides greater insight into and anticipation of competition.

• Information in real time. Outdated information has no applicable value in the present and even less in the future, which is why the daily data collection provided by these software development services allows for feedback almost at the moment.

Areas of application of big data

• Marketing and sales

The data allows us to know the tastes, preferences and behaviors of customers, as well as using predictive models so that organizations can know the acceptance of their products.

• Tourism

Customer satisfaction in this industry can be difficult to measure, particularly in a timely manner. Big data analytics gives custom software development company the ability to collect customer data, apply analytics, and identify potential issues on the spot before it's too late .

• Sports

Professional teams can make use of big data to define the strategies to use in each match, prevent player injuries and know the preferences of the fans.

• Health care

Patient records, histories, health plans, insurance information, genetic coding and other types of information can be difficult to manage, but they are full of key information. Its analysis facilitates diagnoses or treatment options almost immediately.

• Telecommunications

Some telephone operators use this custom software development services to implement strategies that reduce portability and attract new customers.

• Cities

The use of data allows traffic flows to be optimized based on information that arrives in real time, social networks and the weather. Thanks to big data , traffic signals and traffic lights can act automatically to minimize traffic jams .

As you can see, currently the use of tools and languages ​​such as Python, R, Spark, Hadoop, MongoDB, Cassandra, Neo4J, Redis, Power BI, Qlik Sense and Tableau, among others, is essential for companies, public organizations and institutions , since they help in matters ranging from decision making to increasing productivity.

Big data has very broad applications and organizations must take advantage of them to stay ahead in the business world . The data is there, but if it is not analyzed and used, an important window of opportunity to increase competitiveness and grow is being wasted.