Big data5799561
The rate at which data is becoming produced and consumed is extraordinary to an extent that knows no limit. This data is becoming created and consumed both by clients as well as businesses. Data is produced every second from every corner of the globe. According to a survey, the volume of the world's data doubles each eighteen months. This huge amount of data is referred to as Big Data in technical terms and provides great 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 gather and make use of the data arises from the tremendous possible of converting opportunities into success stories as big data carries larger rewards if used properly. To have the preferred impact, companies need to alter their perspective and rather of treating data as a business by-product, it should be regarded as as an asset.
International surveys reveal that really the quantity of data is as well large for most of the organizations to deal with. The competitors is too harsh to spare the weak ones in the race and working on irrelevant data may 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 positive outcomes. Hunting for correct type of data in the correct time is like looking for a pearl in the sea. According to executives, the IT infrastructure in most of the instances is nonetheless under developed to deal with such loads of data. This results in strain on the IT infrastructure and also poses threat to the data security. The concept is to overcome all these challenges and tap on the opportunities as and when they emerge.
Big Data is very useful in taking strategic decisions as they provide enhanced forecasting measures and reduce the risk & probability factor. Furthermore data is becoming important for most of the industries to operate and acquire a competitive benefit. Sectors like finance are becoming somewhat dependent on data. Moreover, regardless of 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 prices.
All businesses aim at earning earnings by providing customer satisfaction which can be achieved 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 needs, wants and desires of the clients is the first step towards maintaining a healthy customer relationship. With great energy comes great responsibility and so with big data comes bigger challenges. Almost 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 choices due to inappropriate or outdated data.
