What does 'big data' refer to in the context of business analytics?

The concept of 'big data' in the context of business analytics encompasses vast amounts of both structured and unstructured data. This dual nature is crucial because businesses today collect information from a multitude of sources, including but not limited to transactional databases, sensor data, social media, customer interactions, and more.

Structured data is organized and easily searchable, often residing in traditional databases, while unstructured data includes formats like text, images, and videos that do not fit neatly into tables. Understanding big data means recognizing the variety of data types and sources that can influence business decisions.

For business analytics, the ability to process and analyze both structured and unstructured data allows companies to uncover insights that were previously hidden, leading to better decision-making and a deeper understanding of customer behavior and market trends. This comprehensive perspective on data is essential for organizations aiming to leverage analytics effectively.