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The rate at which data is becoming produced 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 every second from every corner of the globe. According to a survey, the volume of the world's data doubles every eighteen months. This massive quantity of data is referred to as Big Data in technical terms and offers great challenges and opportunities to the businesses globally.
These heaps of data are so huge that businesses are overwhelmed by the amount of data but are nonetheless not happy. The urge to gather and make use of the data arises from the tremendous potential of converting opportunities into success stories as big data carries bigger rewards if used correctly. To have the preferred impact, companies need to change their perspective and instead of treating data as a business by-product, it should be considered as an asset.
International surveys reveal that actually 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 businesses. Therefore the need arises not just to collect the big data but to gather relevant big data and use it wisely for good outcomes. Hunting for correct 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 nonetheless under created to handle such loads of data. This outcomes 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 very useful in taking strategic decisions as they offer enhanced forecasting measures and reduce the risk & probability factor. Moreover data is becoming essential for most of the industries to operate and acquire a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Furthermore, regardless of of the challenges of the enormous quantity of data incoming, reports are that executives demand more sources of data that too 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 actually an attempt to obtain knowledge about customer tastes and preferences. The perception of the right needs, desires and desires of the clients is the first step towards maintaining a healthy customer relationship. With great power comes fantastic responsibility and so with big data comes bigger challenges. Almost all the industries are investing in securing their data.
Despite 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.
