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The Role of Big Data and Predictive Analytics in Financial Decision-Making
Abstract
Big data refers to enormous amounts of structured and unstructured data that arise daily. All the finance sector records transactions, market data, social media sentiments, customer behavior, and macroeconomic indicators. The big three dimensions of big data that are commonly called the “3 Vs” include Volume, Velocity, and Variety. It means the data came from sources such as social media, IoT devices, transactions, and sensors. This process involves large amounts of data hence requiring scalable storages, complex processing tools, and resources for effective data management and analytics. Velocity means the rate or speed at which data is originated and processed. Lastly, Variety denotes the different kinds of data, which include the structured ones such as databases and the unstructured kinds, such as images, video, social media post, and audio. Collectively, the 3 Vs capture both the richness and the potentiality of big data, demanding the need for innovation in terms of technologies and strategies to leverage this value.
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