Big data5597438
The rate 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 businesses. Data is created every second from every corner of the world. According to a survey, the volume of the world's data doubles every eighteen months. This massive amount of data is referred to as Big Data in technical terms and offers fantastic challenges and opportunities to the companies globally.
These heaps of data are so huge that businesses are overwhelmed by the amount of data but are still 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 properly. To have the preferred influence, companies need 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 actually the amount of data is as well 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 might 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 right type 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 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 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 huge amount of data incoming, reports are that executives demand more sources of data that as well at even faster rates.
All businesses aim at earning earnings by providing customer satisfaction which can be accomplished 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 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 choices due to inappropriate or outdated data.
