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What Is Big Data Analytics and How It Useful for Business?
- Big Data analytics involves the systematic use of computers to analyze large amounts of data from various sources to spot hidden patterns or trends.
- Big Data is characterized by the three Vs: volume, velocity, and variety, with additional Vs like Variability, Veracity, and Value.
- Big Data Analytics comprises nine stages, starting from business case evaluation to using analysis results to make informed decisions.
- There are four types of Big Data Analytics: Descriptive, Diagnostic, Predictive, and Prescriptive Analytics.
- Businesses utilize Big Data Analytics to increase customer satisfaction, enhance work efficiency, and reduce costs.
- Companies like Shopee and Google use Big Data Analytics to optimize services, make tailored suggestions, and understand user behavior.
- The growing importance of Big Data Analytics has led to an estimated market value of $90 billion by 2025.
- The adoption of AI/ML in Big Data Analytics helps automate data manipulation processes and analyze both structured and unstructured data.
- Data-related jobs like data analysts and data scientists are in demand worldwide, offering attractive average salaries.
- Understanding Big Data Analytics and honing relevant skills are crucial for businesses to leverage this gold mine of information effectively.
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