Data is one of the main requirements of any organization. The practice of collecting and storing data has continued to be a common practice from the time humans have started transacting. Big data has been a relatively new concept; it has been the next big thing that is not only set to change the traditional methods of storing analyzing data but also it has found new ways of using the data to improve the efficiency of the business. Big data refers to the act of gathering, storing and analyzing large amounts of data to reveal patterns, trends, and insights of human behavior and interactions. Big data requires the use of complex and sophisticated systems to process the data because of the volume of data involved.
With digitization becoming more rampant and the use of internet becoming inevitable, we are always connected to or followed in the virtual world. It might sound scary, but that is the fact. While online all our actions are continuously being tracked. The apps we use, downloads we make, the sites we visit, the places we go to are also tracked via our smartphone location. These form the basis of the study of our purchasing patterns and likes. This data can be very useful from a business perspective. The data collected this way can help a business to study the consumer behavior in the economy under different situations. Thus the firms can formulate plans to target the potential consumers by getting to know more about their preferences and purchasing patterns.
Big data offers a host of advantages like reduction in operating costs, effective product development and smart decision making on a real-time basis. In big firms, data analytics is used to prevent or detect fraud by analyzing the transactions database and logical access to the systems. It can add more value to the organization by finding novel methods of fraud management, credit planning, and customer relationship management.
The financial sector has been betting this new tool to be the next big game changer if combined with powerful analytic tools. The digital assets market has also been a using big data principle to study the market trends to predict future movement in the prices of assets. These systems use the past and current data to identify the future price trends. Bitcoin Trader is one of the online trading platforms that use trading robots to place a trade on behalf of the investor. It works on the complex algorithms to study the market trends; this, in turn, helps in identifying the price movements. The profitable trades are also identified by the system based on this analysis.