What is Big Data?
“Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.” – Forbes Magazine
Big data refers to the volume, velocity, and variety of data that is available. A total of about 2.5 quintillion bytes of data are generated each day which, when used effectively, can be essential in organizational decision-making. However, it can be difficult or impossible for an analyst to efficiently uncover insights because of the sheer amount of available data points.
Emerging artificial intelligence (AI) and machine learning technologies enable analysts and business professionals to use a company’s big data to improve organizational decision-making, optimize processes, and more. Through AI initiatives, companies put big data to work solving tangible business problems, eliminating the need to manually sift through ever-growing data sources.
Why is Big Data Important?
According to Forbes, “Modern big data systems that use AI and targeted, structured approaches are going to provide the kind of personalization and real-time insight that will set the standard for the next generation of data-driven decision making and automation.”
Big data enables companies to implement evidence-based decision-making processes rather than relying on gut feelings or subjective experiences. The organizations that most efficiently integrate big data-based decisions into existing business processes will gain a large advantage over competitors.
Big Data + DataRobot
The DataRobot automated machine learning platform enables organizations to rapidly analyze and extract insights from data. It frees analysts, business professionals, and data scientists from manually building models or slicing and dicing data with tools like Excel, which speeds up data-based decision-making processes and improves the ROI of machine learning and AI initiatives.