'Big Data' is a term used when utilizing one or more data sets that are too large to be maintained by conventional systems. Data keeps growing every day, this simply due to the reason you and I keep on saving data in the shape of files. A simple example? Just think of the pictures you're uploading every day on 'Facebook'. Also devices (smartphones, tablets, ...) are beginning to collect, save and exchange more data.
But why? 'Big Data' contains a vast amount of information, so vast that it becomes interesting to use in marketing or RND. By analyzing your eating patterns (data), one can determine what your diet looks like and how long you might live based on the data supplied.
Sounds too good to be true? I don't think so. Let's take a walk in the world of 'Netflix'. Do you remember the recommendations (Recently watched, because you watched, etc) you get to see on your screen? You get to see these based on your quality time behavior. Then 'Netflix' uses said data in order to purchase films and series for a good price. Brilliant concept!
Web stores, such as 'Amazon', also make use of this. Most of the time it's used for advertisement algorithms, but also to improve customer-support for efficiency reasons.
Credit card companies like 'Visa' also make use of this for financial predictions. Through 'Big Data' they can assure themselves if the customer will pay in time yes/no/if the customer would take more credit. All that in favor of not wasting time and getting more money! Those evil geniuses!
Would you say that only large organizations reap the rewards? I don't think so! You can start making use of 'Big Data' too. A simple example would be 'smart bands'. These bands will monitor your; diet, sleeping pattern and if you get enough exercise compared to other people. These things go as far as developing a schema for women to achieve pregnancy in a more efficient and timely manner.
'Big Data' is also used via search engines, like 'Trivago', if you're looking for a hotel. It analyses the most wanted hotels across the entire internet to figure out the best price. Another example? 'Skycanner' is the same, except it's specifically designed for airline tickets.
Are you enjoying the benefits of 'Big Data'? Or did you let this business opportunity slip by you?