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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 becoming created and consumed each by clients as nicely as businesses. Data is produced each second from each corner of the world. According to a survey, the volume of the world's data doubles each eighteen months. This huge 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 companies are overwhelmed by the quantity of data but are still not satisfied. The urge to collect and utilize 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 preferred influence, companies need to alter their viewpoint and instead of treating data as a business by-product, it should be regarded as 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 too 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 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 under developed to handle 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 helpful in taking strategic decisions as they provide enhanced forecasting measures and reduce the risk & probability aspect. 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. Moreover, regardless of of the challenges of the enormous quantity of data incoming, reports are that executives demand more sources of data that as well at even faster rates.
All businesses aim at earning earnings by supplying customer satisfaction which can be achieved 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 great energy 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 absolutely useless to them. Many even admit suffering adverse effects or taking erroneous decisions due to inappropriate or outdated data.
