What is Telematics

The term “big data” refers to the very large and diverse sets of structured, semi-structured, and unstructured digital data from different sources that accumulate and grow very rapidly on a continuous basis. Big data enables enhanced decision-making in various types of businesses. Through these technologies, businesses are able to cut operational costs, digitally transform business operations to be more efficient and effective, and make more informed business decisions. Big data technologies enable businesses to better understand their markets by uncovering hidden patterns behind consumer behaviors and introduce new products and services accordingly. This chapter shows the critical role that big data plays in businesses. Initially, in this chapter, big data and its underlying technologies are explained. Later, this chapter discusses how big data digitally transforms critical business operations for enhanced decision-making and superior customer experience. Finally, this chapter ends with the possible challenges of big data for businesses and possible solutions to these challenges.