Taking a Look at Big Data

829 Words3 Pages
The amount of data in our world has been rapidly increasing and analyzing these large data sets, or big data, has become crucial for businesses in increasing their success. Many businesses use big data to model their business structures, control processes, and run the business. The availability of this data leads to a more accurate analysis of the target market. More accurate analyses lead to more confident decision making and better decisions means greater operational efficiencies, cost reductions and reduced risk. There are many ways in which big data can be successfully implemented in an organization. Big data allows businesses to segment their target market, creating more precisely tailored products and services. Big data is also used to conduct controlled experiments to make better management decisions. Finally, big data can unlock value by making the captured information transparent and usable at much higher frequency (Manyika, “Big data: The next frontier for innovation, competition, and productivity”). Currently, businesses are so overwhelmed with the sheer size of information that big data collects that they fail to successfully utilize this data. Businesses are increasingly turning to big data based visualization tools to better utilize this information. Visualization-based data tools allow businesses to combine data sources to create custom analytical views that are flexible and easy to use. These visualization data tools are intended to analyze the three Vs of
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