Traditional GK

In this age of fastmoving world, data has become one of the important part of growth and development. The introduction of “Big Data” has changed the way of examining, interpreting and using the information. The term Big Data was introduced to illustrate the diverse size, speed and types of data and as a result it had been converted to a game changer throughout the business frames.  Starting from the healthcare to economics and further, the importance of Big Data had reshaped the outline of new inventions and choice-making.

“The Volume”: 

1. The colossal volume lies at the center of Big Data.
2. The older databases find out the way to handle the transparent magnitude of data which is daily generated. 
3. With the introduction of social media, IoT devices, and online transactions, the data's volume has reached to the top.
4. The technologies of Big Data had enabled organizations to keep, process and examine this information, which shall provide valuable information that were earlier uncleared.

“Real-time Decision”:

1. Another most important characteristic of Big Data is the data generation speed. 
2. The place where every second is counted, the industries and businesses can afford no longer to depend alone on ancient data.
3.  Big Data technologies permits for the analysis of real-time, which empowers the companies to make informed decision on the way only.
4. This speed is particularly important in the segments of finance, where split-second can break the future or can make it.

“Variety including diversity”:

1. Not only confined to structured data but also found in traditional databases.
2. It includes a large variety of data types, that include text, pictures, videos and many more.
3. This type of diversity pictures both a challenge and an opportunity.
4. The advanced analytics and machine learning, companies can pull out information which are meaningful from data which is unstructured, that shall unlock new innovation's possibilities.

“Value”

1. The biggest power of Big Data is the transformation of raw data into such an action, which is understandable.
2. By driving advanced understanding, companies identify different ways, tends and data correlations.
3. When these understandings were translated into strategic actions, led to improved efficiency, that improved consumer experiences, and competitive advantage of the market.

“Biggest Challenges”:

1. Although the invention of Big Data has a lot of benefits, it carries with it many challenges.
2. There are certain difficulties which are associated including the security issues, privacy concerns and skilled professionals in data analytics.
3. As the continuation of the data flood persists, the value of addressing the challenges becomes even more critical.

Conclusion

Big data is the brain storming word, and works as an agent for new innovations, gearing up the evolution of companies and the way of reshaping the way information is approached.  It gives us an overall idea about the volume, velocity and data diversity that empowers an organization by making a path for a more efficient and innovation future.

FAQ’s

Which industries are benefitted the most from “Big Data”?

Almost all the industries had noticeable benefits from “Big Data”, but industries like healthcare, finance, retail and manufacturing have its application on a larger scale.

How is data security ensured by “Big Data”?

Organizations uses improved encryptions, access controls and system monitoring to save information, while security challenges are presented by “Big Data”.

In which type of industry “Big Data” is suited the most?

Big Data solutions can be availed by all types of industries irrespective of their size or volume. Companies which are considered as small or medium can be benefitted from existing solution, which is fit for their budget and needs.