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The price at which data is becoming produced and consumed is extraordinary to an extent that knows no limit. This data is becoming created and consumed both by clients as well as companies. Data is produced every second from every corner of the world. According to a survey, the volume of the world's data doubles each 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 companies are overwhelmed by the amount of data but are nonetheless 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 properly. To have the desired impact, businesses require to change 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 competition is as well 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 gather the big data but to collect relevant big data and use it wisely for positive outcomes. Hunting for correct kind 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 cases is nonetheless under developed 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 helpful in taking strategic choices as they offer enhanced forecasting measures and reduce the risk & probability factor. Moreover data is becoming important for most of the industries to operate and acquire a competitive benefit. Sectors like finance are becoming somewhat dependent on data. Furthermore, despite of the challenges of the huge amount of data incoming, reports are that executives demand much more sources of data that too at even faster prices.
All companies aim at earning profits by supplying customer satisfaction which can be achieved by understanding the customer expectations. So, essentially this quest of big data is really an attempt to acquire understanding about customer tastes and preferences. The perception of the right requirements, wants and desires of the clients is the first step towards sustaining 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.
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 completely useless to them. Many even admit suffering adverse effects or taking erroneous choices due to inappropriate or outdated data.
