Big data’s original meaning is data sets whose size is so massive that traditional databases fail to process and manage. Now, it has changed and transformed the way businesses and organizations work. Here, you will get to know what can big data applications do, and how it is changing our world.

What is Big Data?

Big data is a term that describes huge amounts of data being created on a daily basis. Here is Gartner analyst – Doug Laney’s definition on big data: data arriving at extreme volume, in wide variety, and the velocity of it being created and stored. This is known as the three Vs, which we will get into later.

Put simply, big data is larger, more complex data sets from multiple sources. Not to mention, these data sets are so massive that traditional processing software cannot handle them. However, with advanced processing tools, it can be analyzed for insights that lead to better strategic business moves.

Explaining the important Vs of big data

Big data used to be described with the 3Vs. But now, it goes beyond volume, variety, and velocity. There is no specific number of Vs that are added into the characteristics of big data. Here are the several other Vs have been added in over the years.

• Volatility: The tendency of data to change in time.
• Vulnerability: The potential damage that stolen data can cause from a data breach or attack.
• Visualization: How challenging it is to visualize the data.

Big data applications in real life

Big data has huge affects on companies across every industry. The ways companies manage and gain insight from it – is changing the way the world uses business information. The major examples of big data applications can be found both in the public and private sectors.

Media and Entertainment

Companies such as Netflix and Spotify collects data from all of its users. Once they analyze the user data, they are able predict watching and listening patterns as well as music or show favorites. That is how they are able to offer music or shows suggestions to every single user. With this, they are also able to target consumers with ads that interest them.

Food

The food industry gets a lot of data based on their customer’s purchase. Once analyzed, it can reveal their buying patterns and menu faves. By keeping track of the data, companies can use big data to see the popular timings of their food and drinks purchases. Then, they could use time-specific marketing campaigns (such as “happy hours”) to get consumers in the door during those times.

Healthcare

Healthcare is another industry which will create a huge amount of data. When big data is managed properly, health care providers can uncover hidden insights that can improve patient care. Based on the geographical data, it’s easier to plan for stocking serums and vaccines for certain areas. More patients will be able to have their treatment done quickly and accurately.

Banking

With big data, banks all around the world experience significant cost savings and reduce the risk of failure. As a result of advanced systems and programs, big data can be processed faster. This allows banks such as JPMorgan to trade and manage their clients with ease.