OVERVIEW
Big data can be applied to real-time fraud detection, complex competitive analysis, call centre optimization, consumer sentiment analysis, intelligent traffic management, and to manage smart power grids, to name only a few applications.
Big data is characterized by three primary factors: volume (too much data to handle easily); velocity (the speed of data flowing in and out makes it difficult to analyze); and variety (the range and type of data sources are too great to assimilate).
With the right analytics, big data can deliver richer insight since it draws from multiple sources and transactions to uncover hidden patterns and relationships.
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