Big data is a term that describes large volumes of data that inundates a business on a day-to-day basis. It can be both structured and unstructured. It’s not the amount of data that’s important but what different organizations do with the data is what matters.
Recall a REMEMBER ME option that comes while you log into your emails? Or the clothes you couldn’t buy from an online shopping site, but somehow it still keeps popping up in your internet browser and eventually you end up buying them because you can’t resist anymore? That’s how companies benefit from big data.
The amount of data that’s being created and stored on a global level is almost inconceivable, and it just keeps growing. Big data can be analysed for insights that lead to better decision making and strategic business moves.
The importance of big data lies in what you do with it. Once you collect data from any source, you can combine it with high-powered analytics and get answers to your business related tasks.
For example, one can analyse cost reduction, decision making, the need for a new product, product developments, etc.
It can also help determine root causes of failures, and detect fraudulent behaviour before it affects one’s organization which further helps mitigate losses. It provides a major standpoint from a competition point of view, as the business firms can develop more effective strategies in lesser time as compared to their competitors. The data collected also helps them improve their profits.
Big data can be collected through any data-generating process such as social media, public utility infrastructure, and search engines.
As useful as it is, it also has some disadvantages, companies deciding to use big data have to modify their approach to getting data constantly rather than periodically which will be a drastic change for them to bear. It doesn’t matter with what amount of data you have, it matters what you do with it and the companies that fail to analyse will end up in losses. One of the biggest concerns is the problem of privacy. Now, can you relate the entire incident of the Indian Government with Facebook about leaking public information?
With data growing faster than ever and big companies increasing their investments, looks like obtaining data is now a priority and the payback seems good in terms of revenue and growth.
– Zoyena Ansari