Big data725291
The price at which data is being created and consumed is extraordinary to an extent that knows no limit. This data is being created and consumed each by customers as nicely as businesses. Data is produced every second from each corner of the world. 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 provides great challenges and opportunities to the businesses globally.
These heaps of data are so enormous that companies are overwhelmed by the amount of data but are still not satisfied. 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, companies 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 quantity of data is as well large for most of the organizations to deal with. The competition is too harsh to spare the weak ones in the race and working on irrelevant data may prove disastrous and time wasting for the businesses. Therefore the require arises not just to gather the big data but to gather relevant big data and use it wisely for good results. Hunting for right kind 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 cases is nonetheless below developed to deal with such loads of data. This outcomes 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 extremely useful 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 acquire a competitive benefit. Sectors like finance are becoming somewhat dependent on data. Moreover, regardless of 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 companies aim at earning profits by providing customer satisfaction which can be achieved by understanding the customer expectations. So, basically this quest of big data is really an attempt to obtain knowledge about customer tastes and preferences. The perception of the correct needs, wants and desires of the customers is the first step towards sustaining a healthy customer partnership. With great 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 choices due to inappropriate or outdated data.
