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Big Data

Revolution, new era, new world order … Experts are running out of words to describe the disruptive impact of Big Data. Digital data explosion has opened the door to huge business opportunities. In fact, those experts who use numbers rather than adjectives forecast that worldwide revenues for Big Data will exceed $200 billion by 2020.

Current data volumes have surpassed the capabilities of traditional tools. People are generating massive amounts of data every day through their activity on social media networking sites, their internet searches, their multimedia consumption or their online purchases. Simultaneously, organizations are collecting more and more information in their logistics, customer management or billing systems. In addition, Internet of Things (IoT) has multiplied the volume of data generated by machines. Big Data solutions face the challenge of extracting insights from all this information.

Benefits of Big Data

Biomedicine, transportation, energy, e-commerce, finance ... Many sectors are taking advantage of Big Data's benefits. These benefits are very varied. However, there are some common competitive advantages, including:

  • Improving management performance:: Big Data enables organizations to make better informed decisions, to discover new opportunities and to reduce risks.
  • Increasing revenues: Big Data gives business the ability to adapt to an ever-changing market. For example, thanks to the analysis of massive data sets, it is possible to adjust prices in real time.
  • Reducing costs: The capability to immediately respond to market demands also leads to cost reduction. For instance, companies can use Big Data to better adjust their stock.
  • Increasing customer satisfaction: Companies are able to know their customers better than ever. They can know their age, sex, location, profession, income level or any other data that leads to a correct segmentation. Companies can adapt their offers to their customers’ preferences and habits. These practices not only increase customer satisfaction in the short term, but also reinforce customer loyalty.
Big Data gives business the ability to adapt to an ever-changing market.

Big Data challenges

The so-called 3 V's of Big Data –Volume, Velocity ​​and Variety– increase exponentially. This growth opens the door to enormous opportunities, but also poses major challenges.

At 3.14, we develop Analytics solutions tailored to each client's goals. Depending on the needs of the project, we combine data curation , analytics , data integration , data wrangling , machine learning  or data mining . In this way, it is possible to seize the potential of Big Data and meet the challenges of the 3 V's.

  • Volume: Most companies are only able to take advantage of a small part of the information they gather. Dark Data –information stored, but not analyzed– exceeds 80% of Big Data. Data Curation or Data Mining solutions allow business to discover what valuable information is hidden between their Dark Data and which indicators they should prioritize in order to achieve their goals.
  • Velocity: Data is modified and transmitted faster and faster. Therefore, Big Data solutions must be able to adapt to these changes in real time. Likewise, it is essential to detect the obsolescence of some measurements and the appearance of new indicators.
  • Variety: Given that the name Big Data itself refers to size, Volume is the most characteristic property of Big Data. However, Variety is as important a challenge as Volume. To exploit the potential of Big Data, it is essential to integrate many types of data, both structured and unstructured, from different sources.
Dark Data –information stored, but not analyzed– exceeds 80% of Big Data.

As the Volume, Velocity and Variety of data keep rising, companies must be equipped with the most suitable systems to unlock the full value of their data.