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Tapping Big Data to Your Own Advantage

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Tapping Big Data to Your Own Advantage

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Big data is the unfettered growth of an organization's data, both organized and otherwise, in an unmanageable manner. 

This data, when managed well, can provide valuable insights to an organization, irrespective of the field it specializes in.

Here, we present Cary, North Carolina-based SAS Institute's, also referred to as SAS, take on big data. A developer of analytics software, the company assists others analyze, manage, access, and sheds light on data to help them take critical decisions. 

Big data can help you detect issues by analyzing data comprehensively. It can help pre-empt issues that can affect your bottom-lines. 

Big data is as crucial to organizations as the Internet, opines SAS. Explaining why it is so, the company says better analyses let companies execute decisions more boldly. 

Better informed decisions can lead to organizations' improved functional efficiencies, trimming of expenses, and fewer risk taking behaviors. 

The broad definition of big data includes three Vs, which are variety, velocity, and volume.

Variety refers to the disparate formats in which data produced. Organized data is data represented in numbers in traditional databases and information ferreted out of particular businesses. 

Falling under the ambit of unorganized data are text, documents, audio, video, email, business transactions, etc. 

To bring together all of this data under one umbrella is a challenge that many organizations have still to come to grips with. 

Velocity is the pace at which data shows up at the users end. It includes streaming data, sensors, RFID tags, etc. which need to be processed in almost in near-real time. All these need to be dealt with as fast as possible by organizations, which is by no means an easy task. 

Volume refers to the sheer quantity of data that keeps growing at an unbridled pace. There are many reasons which cause the data to explode. One is data stored over the years that is piling up, data pouring in from social media sites, and increase in amounts of data from sensor and machine-to-machine interactions. 

Although storage costs of data are reducing drastically, it is a major problem to assess which data is useful to organizations and how usage of analytics can let us tap data that is relevant. 

It is not the quantity of data that is being churned out that is the critical problem, but the analysis of data that is useful to an organization's well-being.

One is to get hold of data that is truly relevant to you. When you have this in hand, you can cut costs, use the time more productively, make better decisions, and, thus, offer better services. 

If big data and powerful analytics tools can be brought together, organizations can analyze the major causes behind various types of failures in almost real-time. This can help you save a lot of money from going down the drain, let you zero in on your most valuable customers, assist you in tracking malpractices online, among other advantages, concludes SAS.

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