Big Data
Dante Bieri
Big Data
As companies becomes more and more technologically advanced, they start collect more data. This data collected could range from information on customers to product patterns to successful services. No matter what the data is companies are constantly collecting data, and recently has been given the term “big data”. The term “big data” is relatively new arising from gathering large quantities of information. It has three different components to it, often referred to as “three Vs. Volume, the first “v”, refers to the amount of data a business collects, for example, clicks on an ad or “hashtags” on a tweet. The volume sizes may vary depending on how much data a company collects. Next is Velocity, the rate where data can be received and processed. The final “v” is for variety, perhaps the most challenging in big data. As companies collect more data, they start to collect all different types of varieties that may not be of the same type. The way a company acts on how to use their different types of variety is up to them (Oracle).
Through the use of analytical software, companies can make predictions on behaviors with their customers. With help of “big data” a company can use location tracking techniques to pinpoint where a customer and push a coupon or notification to them. By combing analytical software with concepts of big data, companies can increase their revenues and help increase customer satisfaction. SAS recently studied the impact of “big data” on companies and specifically looked at Visa. The company processes about 56,000 transactions per second. With all of this data at the hands, Visa founds way to look at specific variable and catch fraudulent activity before the victim was severely damaged. Visa also looks a different customer lifecycles and pushes key information directly to those customers (SAS).Through the use of “big data”, companies have access to more data that will benefit them and their customers.
Works Cited
Oracle. n.d. 20 April 2016. <https://www.oracle.com/big-data/index.html>.
SAS. n.d. 20 April 2016. <http://www.sas.com/en_us/customers/visa-analytics.html>.