MongoDB is an open-source database that can help businesses address storage issues. It provides scalability, availability, and handles large amounts of data well. MongoDB uses a flexible document data model and has features like replication, sharding, and indexing that improve performance. While it has advantages like flexibility, simplicity, and speed, it also has drawbacks like limited transactions and joins compared to relational databases. Understanding both the benefits and limitations of MongoDB is important for businesses evaluating it for their data storage needs.