{"id":9832,"date":"2020-05-21T11:10:50","date_gmt":"2020-05-21T10:10:50","guid":{"rendered":"\/gb\/en\/blog\/?p=9832"},"modified":"2023-01-16T18:06:31","modified_gmt":"2023-01-16T18:06:31","slug":"big-data-future-of-business","status":"publish","type":"post","link":"\/gb\/en\/blog\/big-data-future-of-business\/","title":{"rendered":"What is Big Data and How Will it Affect the Future of Businesses"},"content":{"rendered":"

Big data is already everywhere.\u00a0<\/span><\/p>\n

You\u2019re contributing to it every time you watch a show on Netflix, post something on Twitter, or have a quick phone call with a business.\u00a0<\/span><\/p>\n

According to studies, by 2025, we\u2019ll be <\/span>creating 463 exabytes of data<\/span> every day. To put that into perspective, it\u2019s about 212 million DVDs.\u00a0<\/span><\/p>\n

\"a-day-in-data\"
Source: VirtualCapitalist<\/a><\/figcaption><\/figure>\n

It\u2019s no wonder that something this vast is affecting everything that we do. Big data in the modern landscape is at the heart of business planning, decision making, and strategies for customer experience<\/a>.\u00a0<\/span><\/p>\n

In this blog post, we\u2019re going to explore how big data will affect the future of business<\/a>, and what today\u2019s companies can do to take advantage of the data downpour.\u00a0<\/span><\/p>\n

How data scales in terms of units<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Abbreviation<\/th>\nUnit<\/th>\nValue<\/th>\nSize (in bytes)<\/th>\n<\/tr>\n<\/thead>\n
b<\/td>\nbit<\/td>\n0 or 1<\/td>\n1\/8 of a byte<\/td>\n<\/tr>\n
B<\/td>\nbytes<\/td>\n8 bits<\/td>\n1 byte<\/td>\n<\/tr>\n
KB<\/td>\nkilobytes<\/td>\n1,000 bytes<\/td>\n1,000 bytes<\/td>\n<\/tr>\n
MB<\/td>\nmegabyte<\/td>\n1,000\u00b2 bytes<\/td>\n1,000,000 bytes<\/td>\n<\/tr>\n
GB<\/td>\ngigabyte<\/td>\n1,000\u00b3 bytes<\/td>\n1,000,000,000 bytes<\/td>\n<\/tr>\n
TB<\/td>\nterabyte<\/td>\n1,000\u2074 bytes<\/td>\n1,000,000,000,000 bytes<\/td>\n<\/tr>\n
PB<\/td>\npetabyte<\/td>\n1,000\u2075 bytes<\/td>\n1,000,000,000,000,000 bytes<\/td>\n<\/tr>\n
EB<\/td>\nexabyte<\/td>\n1,000\u2076 bytes<\/td>\n1,000,000,000,000,000,000 bytes<\/td>\n<\/tr>\n
ZB<\/td>\nzettabyte<\/td>\n1,000\u2077 bytes<\/td>\n1,000,000,000,000,000,000,000 bytes<\/td>\n<\/tr>\n
YB<\/td>\nyottabyte<\/td>\n1,000\u2078 bytes<\/td>\n1,000,000,000,000,000,000,000,000 bytes<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Why is big data important?<\/strong><\/h2>\n

Big data is an umbrella term referring to large volumes of structured and unstructured data that we collect and produce on a daily basis. Every customer\/brand interaction is a source of data, as is the content that companies publish on their website, and the actions that search engines record each day.\u00a0<\/span><\/p>\n

This constant stream of information isn\u2019t just noise; it\u2019s a valuable insight into the reality of the world we\u2019re living in. Interpreting big data allows companies to create new growth opportunities by better understanding their target audience. Your data can also offer an insight into which of your team members are the most productive, or how you can make your office more efficient.\u00a0<\/span><\/p>\n\t\t

\r\n\t\t\t
\r\n\t\t\t\tTo find out how UCaaS can help your company grow without compromising your service levels, request a demo of RingCentral Office.<\/span>\r\n\t\t\t<\/div>\r\n\t\t\t
\r\n\t\t\t\t\r\n\t\t\t\t\tRequest a demo<\/a>\r\n\t\t\t\t<\/span>\r\n\t\t\t<\/div>\r\n\t\t\t
<\/div>\r\n\t\t<\/div>\r\n\t\t\n

 <\/p>\n

Netflix is an excellent example of the value of big data. In October 2019, Netflix had over 163.5 million subscribers. The company <\/span>revealed that by using big data<\/span><\/a> it saves up to $1 billion a year on customer retention. That\u2019s because Netflix better understands how to tempt you with the shows you\u2019ll actually want to watch.\u00a0<\/span><\/p>\n

A whitepaper <\/span>produced by SAS<\/span> also revealed that big data delivers limitless growth opportunities to companies, by contributing to better and faster decision making. With data, you can figure out how to make your teams more productive, and plan for better products based on your customer\u2019s preferences.\u00a0<\/span><\/p>\n

\"\/gb\/en\/blog\/remote-workforce-tips-for-building-and-managing-remote-workers\/\"
Resource: SAS<\/a><\/figcaption><\/figure>\n

Big data contributes to the <\/span>business intelligence<\/a><\/span> that allows companies to improve their return on investment. With every insight you glean from your data, you\u2019re one step closer to reducing the amount you waste on marketing campaigns that don\u2019t work or strategies that don\u2019t deliver. Big data:<\/span><\/p>\n