Big data is a large chunk of raw materials that are collected, stored and also analyzed through various means utilized by many firms to increase the efficiency and analyze better solutions. Generally, it is a combination of three V's namely High-Volume, High-Velocity, and High-Variety that lays the backbone of its success. It helps both small and big firms to harness their data and use it to create new opportunities. This helps the entrepreneurs to gain enough profits and make their customers happy. Big data has many advantages and helps every individual firm to gain higher profits and market position. It also helps the companies to make better decisions in order to reduce the risks and increase the marketing and sales executives.
The technologies like Hadoop and cloud-based analytics are used to store a large amount of data and additionally, they can identify more effective ways to bring an active business. Moreover, it is cost-effective that lies as the main factor for choosing big data. With the speed of these technologies, it is easy to analyze new sources of data as well as any type of information immediately without any time delay. This creates the ability to benchmark the customer needs and satisfaction through analyzed data and provides the customer what they want. This helps the firms to create more innovative products to meet the customer’s needs.