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The rate at which data is being produced and consumed is extraordinary to an extent that knows no limit. This data is becoming created and consumed each by clients as nicely as businesses. Data is created 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 amount 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 enormous that businesses are overwhelmed by the amount of data but are nonetheless not satisfied. The urge to collect and utilize the data arises from the tremendous possible of converting opportunities into success stories as big data carries bigger rewards if used properly. To have the desired influence, businesses need to alter their perspective and instead of treating data as a business by-product, it should be regarded as as an asset.
International surveys reveal that actually the amount of data is too large for most of the organizations to handle. The competitors is too harsh to spare the weak ones in the race and operating on irrelevant data may prove disastrous and time wasting for the companies. Thus the require arises not just to collect the big data but to collect relevant big data and use it wisely for good results. 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 cases is nonetheless under developed to handle such loads of data. This results 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 aspect. Moreover data is becoming essential for most of the industries to operate and acquire a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Furthermore, despite 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 profits by providing customer satisfaction which can be accomplished by understanding the customer expectations. So, essentially this quest of big data is actually an try to obtain understanding about customer tastes and preferences. The perception of the right needs, wants and desires of the clients is the first step towards sustaining a healthy customer partnership. With great power comes fantastic 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.
