Question

Why is Big Data important? Provide at least three arguments to support your argument. Provide a minimum of three references.

Answer 1

Big data refers to large amount of data - both structured as well as unstructured - that inundates a business on a day-to-day basis.

Big data helps organisations to create new growth opportunities and make new categories of companies to combine and analyse indistry data.

Big data provides companies with ample data about products, services, amd consumers to be analysed and predict their behaviour.

Benefits of Big Data:-

1. Improved customer service.

2. early identification of risk to products/services.

3. Better operational efficiency.

4. Customization of advertisement for consumers.

References:-

1. Big Data in Marketing: Big data provides companies with enough data to predict what they are interested in and thus provide them with that advertisement. Eg Youtube, facebook.

2. Big Data in Education: Big data is useful in customizing the learning program for students based on their learning pattern. Eg Byjus.

3. Big Data in Insurance industry: Based on individuals accident data, health report, companies can decide the cost of insurance effectively.