Big Data is better Data.

Big Data refers to the enormous amount of data that cannot be stored or processed with the traditional approach in a given time frame. We usually refer to the term big data as the data which is in Gigabytes/ Terabytes or Petabytes or anything larger in size, but this does not define the term 'Big Data' completely. For instance, let's say we have 10 TB of image files all in a different format on which some processing needs to be done like resizing, retouching or enhancing these images over a given time frame, so if we use the traditional approach to process these images it would not be accomplished over the given time frame as the computing speed is not sufficient of the traditional approach to process this much amount of data. This type of data can be referred to as 'BIG DATA'. There is indeed a lot of hype around the term 'Big Data' and its an essential tool for every organisation to advance. Obviously, with more data comes more opportunities for a company to grow or compete against their competitors. 

Image Source: Statista, Wired.

The term was first coined in the 1990s and gained more momentum in the early 2000s. Big Data is also been characterized by using the three V's.

Volume: This refers to the amount of data being generated and stored covering all the potential insights of the consumer.

Velocity: This refers to the speed at which data is collected, processed, analysed to meet the challenges. Big Data is available in real-time and must be handled promptly.

Variety: Data can come in any format- Likes, videos, images, social media share, website visits, order purchased i.e it can be from structured, numeric to unstructured format.

The importance of Big data is not only that it is available in huge amount, but how you utilize this data and utilizing this data properly can lead to reducing time and cost, to enhance the products or to minimise the risk factor and to promote the business growth.

References : 

SAS Insights (2019), Big Data: What it is and why it matters, SAS.com. Available at: https://www.sas.com/en_ie/insights/big-data/what-is-big-data.html (Accessed: 24 January 2020).

Oracle Resources (2019), What Is Big Data? Available at: https://www.oracle.com/ie/big-data/guide/what-is-big-data.html (Accessed: 24 January 2020).