Big Data: Definition, Characteristics, and Benefits

Big data is now increasingly being talked about by people. However, not everyone is familiar with the term. There are people who really understand, but there are also some people who just go along with it. In fact, big data itself can actually be said to be quite complicated to understand.

The term big data itself emerged since the world we live in today is increasingly digitized. The data referred to as big data also means digital data that exists because of the internet. Check out the meaning of big data and what it has to do with progress in a business.

 

Definition of Big Data

As the name implies, big data is a very large collection of data. This data can be structured or unstructured, and it is difficult to manage because it is so complex and complicated. Big data itself continues to grow from day to day so fast, so big data is always increasing all the time.

Big data comes from activities via the internet that is carried out, both by a person and by a group of people, continuously until so many of them have accumulated. Big data itself can be used by anyone, including business people, to bring many benefits to a business.

 

Characteristics of Big Data

So, what makes data categorized as big data? There are several characteristics that data must have so that later it can be called big data. The following are the characteristics in question:

1. Volume
   The first characteristic is volume. The data must be large and large enough to be included in the characteristics. If the existing data is only a small data then it cannot be said to be large. This data also takes various forms, such as transaction data, social media, images, audio, video, and the like.
2. Velocity
   The second characteristic is speed. The speed referred to in this characteristic is the speed at which the data is received until finally the data is utilized by the user. This is common considering that at this time, the transfer of data access is so fast because of the many transactions that occur.
3. Variety
   The next characteristic is the variety or diversity of data. What is meant by this is that data comes in various formats, such as email, video, images, sound, and even financial transactions. The form of the data itself also varies, such as structured, semi-structured, and unstructured data.
4. Veracity
   Which includes Another characteristic is the veracity or correctness of the data. The quality of the data must be sufficiently accurate and good. With a good level of data veracity, the data can be processed optimally.
5. Value
   The last characteristic is value. Even though there is a lot of data available, the data must be data that has value. The data must have value because the existing data will be processed and used as a business decision.

 

Benefits of Big Data for Business

It turns out that Big Data can help a business if it can be assessed and used properly and correctly. The following are the benefits that a business can experience if it is managed properly:

1. Innovation Material
   With big data, you can use it as reference material for the innovations that you do. Existing data that you see from customers, can make you know the preferences of consumers on the matter in question. You can also see consumer interest in a product.
   That way, you can innovate on the products you have. Apart from that, you can also use this data to carry out promotions in a way that turns out to be preferred by customers. These data more or less show the desired interest and are preferred by customers.
2. Getting Potential Customers
   As mentioned above, data itself stores transactions that a person makes. Indirectly, you can see the customer's behavior, interests, and preferences regarding an existing product or service. This can later lead you to find potential customers.
   To get potential customers, you have to know what they want and what they usually do in regard to the product. You can then learn this data for various things related to marketing. Moreover, data on social media can show about a person in general.
3. Helping to Develop Products
   Product development is an important part of a business. A product must continue to adapt until it finds the right formula. One that can be used as a reference to help develop products is to use existing data as a reference.
   You can see how people respond to your product, or you can see their reaction to the product you want to launch. You can see the input they provide, and see if the existing product is in accordance with what the existing target market wants.
4. As a Marketing Strategy
   A business must be able to make good use of marketing so that its products and business work well. But to do this, a business must be able to use a good strategy so that the marketing techniques used are appropriate and suitable for the right people.
   With big data, a business can find out what marketing strategies are suitable for use by a business. A business can see what trends are being seen by the general public. A business can also understand what approach the target market likes or dislikes.

The article above is a brief explanation of the meaning of big data, its characteristics, and the benefits that businesses can get if they are able to process and use it properly. This shows how important data is for human daily life. Of course, this is only if it can be used properly and correctly.

You can also analyze the data you have properly using Kokatto's data analytics to help your business. Apart from that, Kokatto also provides other services such as the WhatsApp Business API and Automated IVR Call which are oriented towards providing services to customers. For more information, you can visit Kokatto!