Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. The reason why it is so important is because it helps organizations harness their data and use it to identify new opportunities. This usually means smarter business moves, more efficient operations, higher profits and happier customers.
A prime example of this is Facebook. Via the use of Big Data, Faacebook is able to target ads to every single user, maximizing the ad revenue and the revenues of the businesses that chooses to use Facebook ads.
Reading into big data has given me some ideas for projects, such as using google search history to predict election results, or using Facebook user data to predict the likelihood of someone to like a product.
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