Big data refers to large and complex data sets that are difficult to process using traditional data processing tools. It includes both structured and unstructured data from various sources.
Data analytics involves the use of tools and techniques to analyze raw data in order to draw conclusions about that information. It helps businesses make informed decisions and identify trends.
Big data analytics can help businesses gain insights, make better decisions, improve operational efficiency, increase revenue, and gain a competitive edge in the market.
There are four main types of data analytics: descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Each type serves a different purpose in analyzing data.
Big data is used in business for various purposes such as customer analytics, operational analytics, fraud detection, risk management, and improving overall business performance.
Common challenges include managing large volumes of data, ensuring data quality, maintaining data security and privacy, and finding skilled professionals to analyze and interpret the data.
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