The Importance of Big Data

In today’s complex business world, interpreting data is more important than ever. Experts often use the term “big data” to refer to the power that data holds, and its potential to influence organizational strategy and decisions. This term summarizes how technological advances have vastly increased the amount of data, the sources it comes from, and how quickly it can be collected. If you’re new to the space, however, you might be asking yourself, “Why is big data important?”

The answer is that big data analytics and data mining allow companies to make smarter strategic decisions and outflank the competition. In this respect, the importance of data analytics is unquestioned — companies have used primitive data analytics tools to gain insights into their businesses for centuries. What’s new in the last decade is that the vast increase in data requires businesses to use more complex analytical methods than those they used in the past. This increase is not just a reference to the amount of data being created, but also of its sources and the velocity with which it can be captured. As a result, companies have developed new data analytics tools, often powered by AI or machine learning algorithms.

For instance, consumer goods companies might employ a “social media listening tool,” which allows them to sift through the trove of data created by social media users, and monitor what people are saying about their brand. Another example many of us are familiar with is how streaming services, such as Netflix and Hulu, employ smart recommendation algorithms that analyze a consumer’s viewing history to recommend new content tailored to them.

But these are just a few of the many applications of big data. In this article, we’ll offer a more in-depth explanation of what big data is, the importance of big data, the benefits it can offer businesses, and how it’s being used in various industries today.

Benefits of Big Data Use

Big data analytics allows a company to obtain a more complex, knowledgeable understanding of their business. This analysis usually comes from data scientists and analysts who work with different kinds of data sets, including structured and unstructured data. Structured data has already been put into a predefined format, while unstructured data is typically an amalgamation of different kinds of data formats.

Naturally, the new data-collection technologies that have accompanied the rise of the internet have led to a huge increase in unstructured data. Big data analysis tools allow these unstructured sets to be processed and turned into actionable business insights. Companies use big data analytics tools to perform all kinds of functions, from creating better customer profiles to micro-tailoring their product strategy; this allows them to save money, time, and energy, as well as remain at the top of their industry.

Who Uses Big Data?

You might be asking yourself, Who uses big data? Are there specific industries where it’s employed? The answer is that, in today’s world, companies in almost every industry are looking to take advantage of big data technologies. Of course, the uses of big data vary widely by industry. In this next section, we’ll go over how big data applies to healthcare, business, marketing, education, and cybersecurity, to help you gain an understanding of various big data uses and how data could apply to your industry.

Additionally, if you’re thinking of pursuing a career in data science, then the following examples should give you some food for thought.

Big Data Analytics Jobs

Given big data’s continual rise in prominence, there’s a good chance that you may want to consider a career in this space. The first step will be to acquire the skills necessary to obtain an entry-level position. You have a few options on this front, including a traditional degree, a boot camp, or pursuing self-study through textbooks or online courses.

Consider whether you want to pursue a career as a data analyst or a data scientist. As a data analyst, you will focus on using existing data sets to solve business problems — a good option for people who believe in their analytical abilities and problem-solving skills. On the other hand, as a data scientist, your objective will be to create machine learning algorithms that process large data sets. This path will be attractive if you are enthusiastic about learning more about coding and computer science.

Both paths offer opportunities for advancement and eventual progression to director positions in which you’ll take on a more managerial role. Additionally, there are job opportunities in numerous industries. While demand is particularly high in tech and finance, other sectors, such as retail, agriculture, and health care, are also in need of data scientists and analysts. Ultimately, if you’re thinking about where to start your career or changing career paths, consider the big data analytics space.

Learn More About Big Data Today

As discussed above, there are many routes to learning about big data. With the importance of data analytics on the rise, you might consider attending a data science and analytics boot camp, like Georgia Tech Data Science and Analytics Boot Camp. This 24-week online course offers a data science and analytics curriculum that will provide you with the specialized skills you need to succeed as a data scientist or data analyst, including Python, HTML/CSS, fundamental statistics, machine learning, and more.

As the importance of big data only increases, corporations will need data scientists and analysts to retain their competitive edge and dominate the market in this fast-moving business environment. Attending Georgia Tech Data Science and Analytics Boot Camp is a great way to gain a foundation in these skills and launch a lucrative career.

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