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The price at which data is being created and consumed is extraordinary to an extent that knows no limit. This data is becoming created and consumed both by customers as nicely 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 each eighteen months. This massive quantity of data is referred to as Big Data in technical terms and provides fantastic challenges and opportunities to the businesses globally.
These heaps of data are so enormous that businesses are overwhelmed by the quantity of data but are nonetheless not happy. 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 bigger rewards if used correctly. To have the desired impact, businesses need to change their perspective and instead of treating data as a business by-product, it should be considered as an asset.
Global surveys reveal that actually the amount 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 might prove disastrous and time wasting for the companies. Thus the need arises not just to gather the big data but to gather relevant big data and use it wisely for good 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 below created to deal with such loads of data. This results 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 very helpful in taking strategic decisions as they provide enhanced forecasting measures and reduce the danger & probability factor. Moreover data is becoming essential 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 quantity of data incoming, reports are that executives demand much more sources of data that as well at even faster prices.
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 attempt to acquire knowledge about customer tastes and preferences. The perception of the correct needs, desires and desires of the customers is the first step towards maintaining a healthy customer relationship. With great power comes great responsibility and so with big data comes larger challenges. Almost 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 decisions due to inappropriate or outdated data.
