Big data4275364
The price at which data is becoming created and consumed is incredible to an extent that knows no limit. This data is becoming created and consumed each by customers as well as companies. Data is created each second from every corner of the world. According to a survey, the volume of the world's data doubles each eighteen months. This massive amount of data is referred to as Big Data in technical terms and offers great challenges and opportunities to the businesses globally.
These heaps of data are so huge that businesses are overwhelmed by the quantity of data but are nonetheless not satisfied. The urge to collect and make use of the data arises from the tremendous possible of converting opportunities into success stories as big data carries bigger rewards if used correctly. To have the desired impact, companies require to change their perspective and instead of treating data as a business by-product, it should be regarded as as an asset.
International surveys reveal that actually the amount of data is too large for most of the organizations to handle. The competitors is as well harsh to spare the weak ones in the race and working on irrelevant data might prove disastrous and time wasting for the companies. Therefore the require arises not just to gather the big data but to gather relevant big data and use it wisely for good results. Hunting for right kind of data in the right time is like searching for a pearl in the sea. According to executives, the IT infrastructure in most of the instances is still below created to deal with such loads of data. This outcomes 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 choices 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 gain a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Furthermore, despite of the challenges of the huge amount of data incoming, reports are that executives demand more sources of data that as well at even faster rates.
All businesses aim at earning profits by supplying customer satisfaction which can be accomplished by understanding the customer expectations. So, basically this quest of big data is actually an try to acquire knowledge about customer tastes and preferences. The perception of the correct requirements, desires and desires of the customers is the first step towards maintaining a healthy customer partnership. With great 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 completely useless to them. Many even admit suffering adverse effects or taking erroneous decisions due to inappropriate or outdated data.
