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Big Data, as the word “Big” refers, it is a huge chunk of unfiltered data that is collected, saved and analyzed from different sources. Later after analyzing these data it is used in an organization to understand the market trends and on which they take their important business decisions. Though, Big Data helps in storing and analyzing a large number of important data, it doesn’t come with the filter where the structured data will be analyzed, allowing both the structured and unstructured form. However, it is easier to analyze structured data than unstructured data. A variety of formats need to be used to analyze these unstructured data as it doesn’t use the traditional data processes or models (Hare, 2014).

The three V’s in Big Data:

Big Data is well-known for its three V features: Velocity, Variety and Volume.

Velocity: The streaming of the data happens in high speed which should be dealt in a timely manner. The process in which the data is analyzed after streaming also runs quite fast producing high efficiency.

Variety: In Big Data all types of data are being stored and analyzed, be it structured or unstructured. Data comes in the form of text documents, both structured and unstructured, audio, video, numeric, email etc. Big Data is capable of analyzing this wide range of data.

Volume: Big Data is capable of observing and tracking the various sources from which the data is extracted including information from machine to machine and sensor data, business transactions and other sources. This actually creates a huge number of data.

Importance of Big Data in Business:

In business, Big Data plays a very crucial role. A company not only can keep a count of data that has been collected but also can analyze it to understand the market and the customers’ needs. It also helps in taking important decision in a business. In Big Data, tools like Hadoop works much efficiently storing a large number of data and saving a lot of cost to the business. Being efficient, it works quite fast in collecting, storing and analyzing data on which quick decisions could be made (Dumbill, 2013). Understanding the market after analyzing the data, the most trending products could be identified which eventually helps in developing new product in the market upon the customer’s needs. Apart from this it is also important to understand the market to make the right choices and take the right decisions in order to save the organization from taking an unnecessary step. Another unique feature of Big Data is, it is capable of doing sentiment analysis which is very important to understand where the company stands in the market. Sharing feedback forms online and collecting the data from the customers are common these. After the data are collected and analyzed it becomes really easier for the organization to work accordingly taking all important and necessary decisions. It also opens the door to new growth opportunities in a company combining and analyzing industry data.

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