Big Data

Gartner defines Big Data as high volume, velocity and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.The value of big data to an organization falls into two categories: analytical use, and enabling new products. Big data analytics can reveal insights hidden previously by data too costly to process, such as peer influence among customers, revealed by analyzing shoppers’ transactions, social and geographical data. Being able to process every item of data in reasonable time removes the troublesome need for sampling and promotes an investigative approach to data, in contrast to the somewhat static nature of running predetermined reports.Organizations are discovering that important predictions can be made by sorting through and analyzing Big Data. Since 80% of this data is “unstructured”, it must be formatted (or structured) in a way that makes it suitable for data mining and subsequent analysis