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What is Big Data? Big data is a field of large volume of data both structured and unstructured, to analyze the insights to make better decisions by the organizations in order to understand the customer’s behavior and their needs.
Characteristics of Big Data Volume As the name suggests, big data deals with large amounts of data or one can say large volumes of data. Velocity Big data generates and processes the data in real-time which helps an organization to meet the demands and challenges that lies the path of their development and growth.
Characteristics of Big Data Variety Variety refers to the quality of captured data which can vary affecting accurate analysis of the data that can be structured & unstructured. Value Value is referred to enablement and what is valued by the customer. Variability Variability refers to number of inconsistencies in the data which needs to be found by detection methods.
Applications of big data Financial Services Organizations uses Big data in order to resolve as well as mange the issues with the huge amount of both structured and unstructured data gathered in their systems. Retail Big data is used to analyze the customers through large amount of data generated through sources such as store-branded credit card data, weblogs, loyalty program data, weblogs & social media. Communication Big data helps the telecommunication service providers to increase, retain & expand their customers.
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