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The rate at which data is becoming created and consumed is incredible to an extent that knows no limit. This data is being produced and consumed both by clients as well as businesses. Data is created each second from every corner of the globe. 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 companies globally.
These heaps of data are so huge that businesses are overwhelmed by the quantity of data but are nonetheless not happy. The urge to gather and utilize the data arises from the tremendous potential of converting opportunities into success stories as big data carries bigger rewards if used correctly. To have the preferred influence, businesses require to change their viewpoint and rather of treating data as a business by-product, it should be regarded as as an asset.
International surveys reveal that actually the quantity of data is too large for most of the organizations to handle. The competition 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. Thus the require arises not just to gather the big data but to collect relevant big data and use it wisely for positive outcomes. 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 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 minimize the risk & probability factor. Moreover 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. Moreover, regardless of of the challenges of the enormous amount of data incoming, reports are that executives demand more sources of data that too at even faster prices.
All companies aim at earning profits by supplying customer satisfaction which can be achieved by understanding the customer expectations. So, basically this quest of big data is really an try to obtain 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 power comes great responsibility and so with big data comes larger 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 absolutely useless to them. Many even admit suffering adverse effects or taking erroneous decisions due to inappropriate or outdated data.
