Big data1757976
The rate at which data is being created and consumed is extraordinary to an extent that knows no limit. This data is being produced and consumed both by clients as well as businesses. Data is produced each second from each corner of the globe. According to a survey, the volume of the world's data doubles each eighteen months. This massive quantity of data is referred to as Big Data in technical terms and offers fantastic challenges and opportunities to the businesses globally.
These heaps of data are so huge that businesses are overwhelmed by the amount of data but are still not satisfied. The urge to collect and make use of the data arises from the tremendous potential of converting opportunities into success stories as big data carries larger rewards if used correctly. To have the desired influence, businesses require to change their perspective and rather of treating data as a business by-product, it should be considered as an asset.
International surveys reveal that really the quantity of data is as well large for most of the organizations to handle. The competitors is as well harsh to spare the weak ones in the race and operating on irrelevant data may prove disastrous and time wasting for the businesses. Thus the require arises not just to collect the big data but to collect relevant big data and use it wisely for good outcomes. Hunting for correct kind of data in the right time is like looking for a pearl in the sea. According to executives, the IT infrastructure in most of the instances is nonetheless below created to deal with such loads of data. This results in strain on the IT infrastructure and also poses threat to the data safety. The idea is to overcome all these challenges and tap on the opportunities as and when they emerge.
Big Data is extremely helpful in taking strategic decisions as they provide enhanced forecasting measures and reduce the danger & probability aspect. Furthermore data is becoming important for most of the industries to operate and acquire a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Moreover, despite of the challenges of the huge quantity of data incoming, reports are that executives demand much more sources of data that too at even faster prices.
All companies aim at earning earnings by supplying customer satisfaction which can be achieved by understanding the customer expectations. So, basically this quest of big data is actually an attempt to acquire knowledge about customer tastes and preferences. The perception of the right requirements, wants and desires of the customers is the first step towards sustaining a healthy customer relationship. With fantastic power comes fantastic responsibility and so with big data comes larger challenges. Nearly all the industries are investing in securing their data.
Despite the onslaught of big data, enterprises have a feeling of dissatisfaction with the data they have. There is a large scale discontent with the tools and mechanisms to filter the irrelevant data which is absolutely useless to them. Many even admit suffering adverse effects or taking erroneous decisions due to inappropriate or outdated data.
