What is big data? Characteristics and applications of Big data in businesses

Big data is the result of the 4.0 scientific and technological revolution with the explosion of the Internet market. Big data helps companies research and analyze to understand customer desires, make the right decisions and come up with effective business strategies. So what is big data ? How does collecting, storing and analyzing data help businesses gain valuable information thanks to Big Data technology? Let's find out with 1C Vietnam through the article below.

1. What is big data?

Big data is a large, complex data set that is difficult to organize, store, and analyze using traditional processing tools. The function of Big data is the ability to analyze and receive information from this data. After processing, it often produces a lot of potentially important information.

2. Benefits of applying Big data to businesses today

To clearly answer the question of what big data is, we must first understand the benefits that big data brings. Here are some benefits of Big data for businesses:

2.1. Adapt quickly to keep up with global innovation trends

Analyzing data from big data helps businesses know what consumers think about the products/services the company is providing. Thanks to that, product development suitable to consumer needs can be carried out in the most effective way.

Administrators need to put in place a process for monitoring, responding and understanding competitors in the same market segment at the present time. In addition, data analysis also helps businesses monitor the market in real time, supporting innovation to capture trends promptly.

2.2. Improve personal work performance

Thanks to big data, businesses can use data generated from devices such as smart watches or bracelets. This actual data from users gives businesses a clearer view of purchasing trends and expectations, thereby creating a more specific and correct sales roadmap and strategy.

2.3. Increase customer experience

Big data helps administrators learn, analyze, understand and target the right customers. At the same time, Big data analysis also helps understand consumer behavior and purchasing trends, predict the future market to come up with more accurate business strategies.

Furthermore, Big data also allows companies to tailor products/services to their target market without having to spend a lot of money on ineffective marketing campaigns. Based on transaction monitoring at point of sale (POS) and online purchases, businesses can use Big data as a tool to effectively research potential customers.

Using information analyzed from Big data, companies can devise more accurate marketing and targeting strategies, meet customer expectations, and promote customer loyalty. its brand.

2.4. Improve productivity

Modern Big data data processing tools help data scientists and analysts examine huge amounts of data effectively, giving them an overview of the data more quickly. At the same time, Big data allows to understand more about the effects of data paths, allowing businesses to choose how to complete tasks more effectively, thereby improving work productivity.

2.5. Risk reduction

Big data is applied to improve security and promote enforcement of current legal regulations. Many companies use Big data analysis to promptly detect and prevent fraudulent transactions. In an era of fierce business competition, businesses need to apply Big data to secure brand information, while preventing risks from external market impacts.

2.6. Increase creativity

Through Big data analysis, businesses can become creative and adaptable to rapid market changes. Thanks to analysis, managers have a clearer view of competitors and handle consumers' wishes and pain more flexibly and effectively.

In addition, more available data also allows companies to assess risks, thereby improving products and enhancing services. This helps businesses promptly make more accurate business decisions.

3. How Big data works

The concept of Big data is extremely simple, but to be able to apply Big data effectively, businesses need to clearly understand how Big data works? With modern tools that coordinate the life cycle of large data sets, collecting, preserving, and analyzing data to unlock valuable information has become easier in terms of technology and cost thanks to into Big Data technology. Normally, the Big Data data processing process will include a continuous data chain, from collecting raw information to analyzing and using valuable information.

• Collect

What is the first challenge that many businesses encounter when handling big data? Big Data ? That's the collection of raw data - including transactions, mobile devices, logs and many other types of data. Having an effective Big Data platform will make information collection easier, allowing for the input of many types of data, from unstructured to structured data, from real-time to processed. lot.

• Storage

All Big Data platforms need a secure, scalable, and secure repository to hold data before or after processing. Depending on usage needs, businesses also need solutions to store data in transit.

• Processing and analysis

This is the step from raw data to a usable format, through sorting, synthesizing, merging and applying more modern functions and algorithms. The resulting data set will then be stored for further processing or prepared for data utilization through visualization and business intelligence tools.

• Data visualization

Big data applications help businesses focus on exploiting useful information to have the most intuitive view. Through analytical tools, businesses can process huge data sets more easily and quickly, thereby creating flexible visual reports in real time. Depending on analysis needs, businesses will predict or propose appropriate business strategies based on collected data.

• Focus on big data processing

The ecosystem of Big data data sets is continuing to grow at a rapid pace. Currently, businesses apply Big data to support overall analysis of business processes. At first, large data sets like Hadoop only supported batch and batch processing within a certain time frame, measured in hours or days.

However, as experts discover the importance of time to collect in-depth data becomes more important, the “speed” of Big data has facilitated the development of new data tools such as Apache Spark, Amazon Kinesis, Apache Kafka,... support data processing over time.

4. The most effective areas of Big data application today

In fact, Big data is currently being applied to many areas of life, creating impressive changes, increasing the efficiency and productivity of businesses.

Education: The handling of confidential information, information about students, lecturers, documents, etc. must be handled clearly and quickly. Therefore, applying big data to education brings many positive benefits.

Health: Data science has been affirming its important role in improving human health and spirit. Big data is not only applied to determine treatment directions but also improve healthcare processes.

Transportation: Using Big data brings many benefits such as: Controlling routes, stops and time of trips to provide information to users. Private transportation businesses can use Big data to manage assets, test and improve tools, optimize operating processes,...

Banking Industry: Big Data is effectively applied in all activities of the banking sector from cash collection to financial management.

Digital Marketing: Thanks to Big data, managers can easily evaluate the market and competitors, thereby formulating effective business strategies and reaching target customers more accurately. In particular, Big data also helps businesses evaluate the performance of advertising campaigns and identify key sales channels to promote products effectively and save costs.

Retail industry: Big Data helps determine user experience, purchasing trends, and satisfaction by collecting diverse types of data, improving sales performance and efficiency.

Customer service: When entering the market, Big data will help businesses find optimal solutions and proposals to better understand customers and find effective competitive advantages.

5. Barriers to using Big data in businesses

Although Big data is currently bringing many benefits to businesses, this technology also contains many challenges. Data is getting bigger and bigger, forcing businesses to invest in infrastructure for storage. At the same time, the risk of information leakage or theft makes businesses also need to choose the appropriate solution to manage data safely and most effectively.

Thus, 1C Vietnam has shared details about what Big data is as well as its applications in the above article. By collecting data from any source and conducting analysis, businesses can find the right direction for streamlining resource management, improving operational efficiency and optimizing the product development process. product/service.