The rate at which data is being created and consumed is incredible to the extent that knows no limit. This data is being created and consumed both by customers 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 great challenges and opportunities to 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 collect and utilize 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 desired impact, businesses need to change their perspective and instead of treating data as a business by-product, it should be considered as an asset.
Global surveys reveal that actually the amount of data is too large for most of organizations to handle. The competition is too harsh to spare the weak ones in the race and working on irrelevant data may prove disastrous and time-wasting for the businesses. Thus the need arises not just to collect the big data but to collect relevant big data and use it wisely for positive results. Hunting for the right type of data at the right time is like searching for a pearl in the sea. According to executives, the IT infrastructure in most of the cases is still underdeveloped to handle such loads of data. This results in a strain on the IT infrastructure and also poses a threat to data security. 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 decisions as they provide enhanced forecasting measures and minimize the risk & probability factor. Moreover, data is becoming essential for most industries to operate and gain a competitive advantage. Sectors like finance are becoming somewhat dependent on data. Furthermore, despite the challenges of the enormous 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 achieved by understanding the customer expectations. So, basically this quest of big data is actually an attempt to acquire knowledge about customer tastes and preferences. The perception of the right needs wants and desires of the customers is the first step towards maintaining a healthy customer relationship. With great power comes great responsibility and so with big data comes bigger challenges. Almost all 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 decisions due to inappropriate or outdated data.
In the current scenario, though industries visualize the importance and potential advantages of big data, they are simply unable to handle and manage it. The business impact of Big Data on industries is dependent on how efficiently and effectively is it managed. On one hand, tapping on the right sources of big data may unlock priceless opportunities for the industry whereas working on outdated or unrelated data may even have receding results for the business.