Nowadays there is a great quantity of documentation on Big Data, a concept that, however, creates certain confusion among people who feel overwhelmed with so much information. At the same time, the information we receive regarding Big Data may result excessively technical, generating confusion and aversion. Therefore, we will start by explaining the basic principles of this recent phenomenon.
What is Big Data?
The concept of Big Data is used to define all that information that, due to its volume and complexity, cannot be processed or analyzed by using traditional processes or tools. New technologies allow for the generation of significant quantities of computer data which, when correctly analyzed, may result in a better understanding of our surroundings, even enabling us to foresee future events. Companies are already finding out about the benefits of Big Data analysis, which provides them with an accurate picture of consumers. Human beings continuously produce information through various devices, whether our mobile phone, computer, credit card, home automation devices…
“The concept of Big Data is used to define all that information that, due to its volume and complexity, cannot be processed or analyzed by using traditional processes or tools.”
In this regard, an optimized analysis of these pieces of data would make it easier to come up with a faithful description of consumers. In summary, Big Data consists of storing, classifying, analyzing and sharing that massive volume of information. Big Data analysis will helps us to know better the habits, tastes and products that fit the profile of each customer and the needs of the moment. That is to say, offering the right product/service at the right time. One example of a practical application was the case of the American Target stores and a teenage girl in Minneapolis (USA) that saw significant coverage in mass media. In that case, Target stores sent a teenager in Minneapolis discount coupons for pregnancy and baby products. The father of the young woman complained vehemently to the stores saying her daughter was not pregnant; however, days later the teenager confessed that she actually was.
The conclusion is that the forecast allowed Target to generate as business opportunity thanks to an accurate and efficient data cross-checking and analysis.
The goal of Big Data
Once we have explained what it is, we can point out that its goal is to facilitate a proper decision making in the least possible time. In this regard, Big Data faces the socalled “3Vs”: volume, variety and velocity. Managing an insurmountable volume of extremely varied data at the highest possible velocity. At this point we can confirm that Big Data is transforming the digital reality as the analysis of computer data facilitates an optimal decision making in the least possible time, even being capable of acting in real time.