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What is Big Data and what can it be used for?

Big Data is a term that is widely used in business circles. Because digital technology is advancing to its maximum nowadays. Important information It has been created enormously. Waiting to be further developed for endless business opportunities.

Let’s get to know Big Data. How important are these data sources? And how can it be further developed in the business? You can find the answer in this article.

What is Big Data?

Big Data refers to any data set. whichever is large and is recorded through various methods. For example, your own internal database. Whether it is transaction data or customer behavior data

Today’s world is being driven by digital technology. A large amount of data is being created every day. and can make collecting easier Whether it is the behavior of searching for information on the Internet online viewing or important transactions

International Data Corporation (IDC) forecasts that the amount of data generated on the digital platform by 2020 will reach 40 Zettabytes, equivalent to 40 trillion gigabytes.

These enormous datasets are very useful for customer insight, as they are essential for developing AI systems to reach customers in the right place. For example, Chatbot on the Facebook platform to deliver the right answers. and persuade customers to be most interested in products or services

So it’s time for each organization to start collecting data and using it to grow their business. Having more information will help you understand different situations. better than competitors This allows you to compete and stand at the top of your business. or it can be said that The more information there is, the greater the chances of success for the organization.

The Big Data can be categorized according to the structure of the data set as follows.

Structured Data

Refers to a data set that is organized in an orderly structure, is clear or identifiable by numbers. Ready to use immediately, such as the number of transactions with customers percentage movement within the stock market, etc.

Unstructured Data

Refers to an unstructured data set. Or unable to determine the certainty of that information, it cannot be processed for immediate use, such as conversations with customers on social media.

semi-structured data (Semi-Structured Data)

Refers to a data set that has some level of structure but is not complete, such as status in Social Media is unstructured data. But in the case of a Hashtag (#) to help in categorizing This will make the information a little more organized.

Key Features of Big Data

There are six characteristics of Big Data in general. Or that is referred to as “5Vs 1C”, the 6 characteristics of Big Data are as follows:

1. Large amount of data (Volume)

Means there is a large amount of data, large, able to count both online and offline data. The data must be larger than a Terabyte.

for example Internet access is growing every year by a growing number of people around the world. Each person has a variety of data usage behaviors. The amount of information that occurs is enormous.

2. Variety of information

means that each type of data is diverse. Combined, both forms are structured. unstructured and semi-structure

For example, through the behavior of Social Media Users that each day can create various data sets such as comments on Facebook posts classified as unstructured data. Because he can’t predict the answers and posts that interest him from the comments.

Or posting on Twitter that can categorize each post via Hashtag, but can’t clearly specify the structure or meaning of that Hashtag. This is therefore classified as semi-structured data.

The information obtained from answering the questionnaire via the Google Form with clear questions and answers to choose from. and that information can be used immediately are classified as structured data sets.

Because the use of Social Media User is not a fixed pattern. causing a huge amount of data to occur That information is also rich and complex.

3. Data that is increasing rapidly (Velocity)

Refers to information that is growing and changing rapidly. It generates a lot of real-time information such as traffic information, which Google Map takes advantage of the GPS access of people commuting on the road. to analyze and present the most flexible traffic routes to users.

4. Useful information that can be used in business (Value)

Refers to information that is valuable to use. Can bring business benefits as well for example Google search behavior that makes it possible to know the interests of people at that time.

5. Information must be accurate and clear (Veracity).

Since Big Data collects huge amounts of data, the most important thing is the accuracy of the data. This will be an important part in which those data can be processed for future use.

6. Information must be connected (Complexity).

In order to take advantage of Big Data, there is another important factor which is the interconnection of the data. If the things gathered can’t find a connection point That data is useless. Effective data storage requires the relationship of the data to be taken into account.

How does Big Data benefit your business?

From the properties of Big Data mentioned above. Let’s take a look at how these are useful for running a business. It can be summarized in 3 things as follows:

1. Create new business from real consumer insight

Big Data has a huge impact on starting a new business with existing datasets, making it easier to see the pain point of the business that is about to enter. and can create a business that responds to the needs of consumers exactly

For example, Local Food Delivery business that provides services in upcountry areas. The business model and data from major food delivery companies such as Grab or Food Panda have been used as a business model, making Local Food Delivery able to start this business quickly and easily grow. Meet the needs of consumers who want convenience.

2. Better understand customer behavior

Often in online shopping transactions and the consumer is in the process of making a purchase decision or is unable to complete the steps at that time Such an online trading system will help pay notifications to make purchase decisions and pay for products or services. and also recommend other products or services that customers are paying attention precisely as well

This is due to the fact that AI collects search behavior data. and carefully select consumer products making it possible to predict the future behavior of consumers that What are you interested in? and what types of products have the opportunity to buy

Understanding your customers (Customer Insights) helps your business to deliver more personalized services. For example, Netflix takes advantage of knowing your users’ preferences. and then present new content according to different interests to customers always

Therefore it can be said that Businesses today take advantage of Big Data in terms of making it data-driven. at various organizations or brands used for analysis to better understand customer behavior

3. Develop business potential and stay ahead of competitors

Big Data gives each business a huge amount of data in their hands. What businesses can capture the connections within those data pools? Will be able to create strategies that are superior to competitors and use it to reach the customer first

Having a team with expertise in data analysis to make good use of that information will be an important force for the business in the future To help you make smart business decisions until able to compete with other competitors

Summary

In an era where data is as important as gold, what will the world be like? The direction can be predicted based on the information you have.

Big Data is like a long term investment. That you may not benefit much from it in the beginning, but in the future, the huge amount of valuable information you hold will be. It will become an important factor that affects the success of your business very much.