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This paper is an effort to present the basic understanding of BIG DATA is and it's usefulness to an organization from the performance perspective. Along-with the introduction of BIG DATA, the important parameters and attributes that make this emerging concept attractive to organizations has been highlighted. The paper also evaluates the difference in the challenges faced by a small organization as compared to a medium or large scale operation and therefore the differences in their approach and treatment of BIG DATA. A number of application examples of implementation of BIG DATA across industries varying in strategy, product and processes have been presented. The second part of the paper deals with the technology aspects of BIG DATA for it's implementation in organizations. Since HADOOP has emerged as a popular tool for BIG DATA implementation, the paper deals with the overall architecture of HADOOP alongwith the details of it's various components. Further each of the components of the architecture has been taken up and described in detail.

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