Big Data refers to data whose quantity or complexity exceeds the capacity of the traditional data processing systems. It centers around 3 key attributes of the data Volume, Velocity & Variety.
Over the years, many organizations have been accumulating large amounts of data with access to only a small fraction of it. Today Big Data technologies have changed that and businesses can now access and analyze large amounts of data bringing out insights and patterns that had not been seen before.
Technologies like Hadoop, In-Memory storage, No-SQL databases and Machine Learning have changed the analytics space and opened up a world of new possibilities.
Young companies like Uber and AirBNB have come into the business space and surpassed century-old businesses in profits and growth because of leveraging the power of big data and analytics. Businesses globally are continuously adopting business intelligence and analytics as a key strategic pillar for growth.
At Twofour Carats, business intelligence and analytics are standard features in all the solutions we offer, ranging from websites, mobile apps to complex enterprise systems; because we believe data and analytics (business intelligence) is a major success factor in today’s business environment.
As Peter Sondergaard of Gartner said in 2011, “Information is the oil of the 21st century and analytics the combustion engine”