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The rate at which data is being created and consumed is extraordinary to an extent that knows no limit. This data is becoming created and consumed each by customers as nicely 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 quantity of data is referred to as Big Data in technical terms and offers fantastic challenges and opportunities to the companies globally.
These heaps of data are so huge that companies 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 achievement stories as big data carries larger rewards if used properly. To have the preferred influence, companies need to alter 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 amount of data is too large for most of the organizations to deal with. The competition 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. Thus the need arises not just to collect the big data but to collect relevant big data and use it wisely for good outcomes. Hunting for correct type of data in the correct time is like searching for a pearl in the sea. According to executives, the IT infrastructure in most of the cases is nonetheless under created to deal with such loads of data. This results in strain on the IT infrastructure and also poses threat to the data security. The idea is to overcome all these challenges and tap on the opportunities as and when they emerge.
Big Data is extremely useful in taking strategic choices as they offer enhanced forecasting measures and minimize the danger & 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. Furthermore, despite of the challenges of the enormous 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 profits by providing customer satisfaction which can be accomplished by understanding the customer expectations. So, essentially 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 maintaining a healthy customer partnership. With fantastic energy comes great 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.
