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The price at which data is being created and consumed is incredible to an extent that knows no limit. This data is becoming produced and consumed both by customers as well as companies. Data is produced each second from each corner of the globe. According to a survey, the volume of the world's data doubles every eighteen months. This huge quantity of data is referred to as Big Data in technical terms and provides fantastic challenges and opportunities to the businesses globally.

These heaps of data are so enormous that businesses are overwhelmed by the amount of data but are still not satisfied. 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 larger rewards if used properly. To have the preferred influence, businesses require to alter their perspective and instead of treating data as a business by-product, it should be regarded as as an asset.

International surveys reveal that really the quantity 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 working on irrelevant data might prove disastrous and time wasting for the companies. Thus the need arises not just to collect the big data but to gather relevant big data and use it wisely for positive results. Hunting for right 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 cases is nonetheless under developed to handle such loads of data. This outcomes in strain on the IT infrastructure and also poses threat to the data security. The idea is to overcome all these challenges and tap on the opportunities as and when they emerge.

Big Data is very helpful in taking strategic decisions as they provide enhanced forecasting measures and minimize the risk & probability aspect. Furthermore data is becoming essential for most of the industries to operate and gain 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 as well at even faster prices.

All companies aim at earning earnings by providing customer satisfaction which can be accomplished by understanding the customer expectations. So, essentially this quest of big data is really an attempt to acquire knowledge about customer tastes and preferences. The perception of the correct needs, desires and desires of the clients is the first step towards maintaining a healthy customer partnership. With fantastic power 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.

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