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The rate at which data is being created and consumed is incredible to an extent that knows no limit. This data is becoming created and consumed both by clients as nicely as companies. 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 huge quantity of data is referred to as Big Data in technical terms and provides great challenges and opportunities to the companies globally.
These heaps of data are so enormous that companies are overwhelmed by the amount 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 larger rewards if used correctly. To have the desired impact, businesses require to alter their perspective and rather of treating data as a business by-product, it should be regarded as as an asset.
Global surveys reveal that really the amount of data is too large for most of the organizations to deal with. 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 businesses. Therefore the need arises not just to gather the big data but to gather relevant big data and use it wisely for positive outcomes. Hunting for right type of data in the right time is like looking for a pearl in the sea. According to executives, the IT infrastructure in most of the instances is still under created to deal with 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 offer enhanced forecasting measures and reduce the risk & probability factor. Furthermore data is becoming important for most of the industries to operate and acquire a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Moreover, despite of the challenges of the enormous quantity of data incoming, reports are that executives demand much more sources of data that too 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 really an try to acquire understanding about customer tastes and preferences. The perception of the right requirements, desires and desires of the customers is the first step towards sustaining a healthy customer partnership. With fantastic energy comes great responsibility and so with big data comes bigger 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.
