Big data9813325
The price 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 customers as nicely as companies. Data is produced every second from each corner of the world. According to a survey, the volume of the world's data doubles every eighteen months. This huge amount of data is referred to as Big Data in technical terms and provides fantastic challenges and opportunities to the companies globally.
These heaps of data are so enormous that businesses are overwhelmed by the quantity of data but are still not satisfied. The urge to collect 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 influence, companies require to change their perspective and rather 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 as well harsh to spare the weak ones in the race and operating on irrelevant data might prove disastrous and time wasting for the businesses. Thus the need arises not just to collect the big data but to gather 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 still under created to handle 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 choices as they provide enhanced forecasting measures and reduce the danger & probability factor. Furthermore data is becoming essential for most of the industries to operate and gain a competitive benefit. Sectors like finance are becoming somewhat dependent on data. Furthermore, despite of the challenges of the enormous amount of data incoming, reports are that executives demand more sources of data that too 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 actually an try to acquire knowledge 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 relationship. With fantastic power 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 choices due to inappropriate or outdated data.
