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The price at which data is becoming produced and consumed is extraordinary to an extent that knows no limit. This data is being produced and consumed both by clients as well as companies. Data is produced every second from every corner of the globe. 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 fantastic challenges and opportunities to the businesses globally.
These heaps of data are so enormous that companies are overwhelmed by the quantity of data but are still not satisfied. The urge to gather 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 correctly. To have the preferred impact, companies need to alter their viewpoint and rather of treating data as a business by-product, it should be considered 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 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 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 instances 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 security. The concept is to overcome all these challenges and tap on the opportunities as and when they emerge.
Big Data is extremely useful in taking strategic choices 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. Furthermore, regardless of of the challenges of the huge quantity 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 supplying customer satisfaction which can be achieved by understanding the customer expectations. So, basically this quest of big data is really an attempt to obtain understanding about customer tastes and preferences. The perception of the correct needs, desires and desires of the clients is the first step towards maintaining a healthy customer relationship. With fantastic 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 absolutely useless to them. Many even admit suffering adverse effects or taking erroneous decisions due to inappropriate or outdated data.
