Big data is a platform which simplifies a large volume of complex data which can be structured, semi-structured and unstructured and cannot be processed with the traditional techniques of mining and database but has the potential to be used for information in big projects and other advanced analytics applications. More precisely, it refers to a process that simplifies the churning of data to uncover the insights and meaning of the underlying data.
The benefits derived from big data are really important for any business as in the long run it leads to earn profitability and ease out the whole process of data churning. The most important of them is cost saving as some tools of Big Data like Hadoop and Cloud-Based Analytics bring down the cost leading to cost advantages to business when a large amount of data is involved as it helps in identifying efficient ways of doing business.
It also reduces the time of the whole ongoing process as the tools can easily identify the sources of data in analyzing data immediately and thus helps in making quick decisions which are beneficial for the business.
It can also help in creating new products according to the needs and demands of the consumers keeping in mind the current trends and by analyzing customers’ purchasing behaviors through analytics. At the same time, it also helps in understanding the market conditions and comprehending the online reputation of the business.