What does the term "big data" refer to?
The term "big data" refers to vast and complex datasets that traditional data processing applications cannot effectively manage. Big data encompasses three main characteristics known as the 3Vs: Volume (massive amounts of data), Velocity (speed of data processing), and Variety (different types of data from various sources). Organizations leverage big data analytics to extract valuable insights, trends, and patterns that can drive better decision-making and strategic initiatives. By utilizing advanced technologies such as machine learning and cloud computing, businesses can harness the potential of big data to gain a competitive edge in their respective industries.