Big data refers to large volumes of both structured and unstructured data that businesses accumulate on a daily basis. This data has potential business value if analyzed to gain insights that can help strategic decisions and improve operations. While vast amounts of data are created globally each day, only a small percentage is actually analyzed. Analyzing big data, when combined with analytics, allows businesses to reduce costs, make products more tailored to customers, and make smarter, faster decisions. It can also help detect fraud and issues in real-time.