Many trends and technologies led to customers spending more time online and smart phone usage expected to take laptop usage. Organizations are capturing movement of people and goods for multiple reasons. Britain has around 4.2M CCTV cameras1 recording every movement. Every customer spends and transactions are stored and probably multiple times.
Due to above and a lot of more additional applications led to an explosion of data. The changing scenarios demands a new way to storing data, analyzing the information and facilitating actionable insights.
Big Data refers to any data size and type which will be difficult to store, manage, and analyze using traditional technologies and tools.
Big Data addresses data Volume, Variety and Velocity challenges to create Value for organizations.
People spend a lot of time online and leaving digital footprints; leading to high volume of data. Similarly, volume of data due to customer transactions and interactions online, and brick mortar stores has been growing significantly. The high volume of data becomes difficult and expensive to store, manage and analyze.
Data variety and type has grown up. The organizations have structured data – such as customer demographic information and transactions on credit card, and unstructured data – customer calls and emails communications. The organizations require tools and technologies to store, manage and analyze both structured and unstructured data efficiently for servicing customers and providing insights.
Speed with which things are changing is creating a lot of challenges of the organizations. Organizations are looking for ways to understand customers’ needs based on their clicks on the website and provide relevant offers.