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The rate at which data is being produced and consumed is incredible to an extent that knows no limit. This data is becoming created and consumed each by clients as well as companies. Data is created each second from every corner of the world. 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 provides 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 satisfied. The urge to gather and utilize 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 desired impact, companies require to change their perspective and instead of treating data as a business by-product, it should be regarded as as an asset.
Global surveys reveal that actually the quantity of data is as well large for most of the organizations to handle. 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. Thus the require arises not just to collect the big data but to collect relevant big data and use it wisely for positive outcomes. Hunting for correct 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 still under developed to handle such loads of data. This results in strain on the IT infrastructure and also poses threat to the data safety. The concept is to overcome all these challenges and tap on the opportunities as and when they emerge.
Big Data is very helpful in taking strategic choices as they provide 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. Moreover, despite of the challenges of the huge amount of data incoming, reports are that executives demand more sources of data that too at even faster rates.
All businesses aim at earning profits by providing customer satisfaction which can be accomplished by understanding the customer expectations. So, essentially this quest of big data is actually an attempt 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 fantastic 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.
