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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 both by customers 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 every eighteen months. This massive 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 nonetheless not happy. The urge to collect and make use of the data arises from the tremendous potential of converting opportunities into achievement stories as big data carries larger rewards if used properly. To have the preferred impact, businesses require to alter their viewpoint and rather of treating data as a business by-product, it should be considered as an asset.
Global surveys reveal that really the quantity of data is too large for most of the organizations to deal with. 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 companies. Therefore the need arises not just to collect the big data but to gather relevant big data and use it wisely for positive outcomes. Hunting for correct type 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 developed 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 useful in taking strategic decisions as they offer enhanced forecasting measures and minimize the risk & probability aspect. Furthermore data is becoming essential 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 huge quantity of data incoming, reports are that executives demand much more sources of data that too at even faster rates.
All businesses aim at earning profits by supplying customer satisfaction which can be accomplished by understanding the customer expectations. So, essentially this quest of big data is really an attempt to acquire understanding 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 power comes great responsibility and so with big data comes bigger challenges. Nearly all the industries are investing in securing their data.
Regardless of 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.
