Big Data - Opportunity or Obstacle?
Gone are the days when Big Data used to be problem. For those who are not acquainted with what the term means, Big Data is a contextual term coined to denote the gigantic volume of data that companies or organization amass through multiple mediums. This data was earlier collected for the sake of collection, but gradually with time this has become the treasure chest of future strategies!
This collection of data is called Big Data because sometimes its volume is not limited to gigabytes or terabytes, it rather escalates to the scale of Petabytes or Exabytes. Today’s corporate world is leaving no stone unturned to find every possible method of collecting data, from mobile devices, service logs, cameras, microphones to wireless sensor mediums. The Radio Frequency Identification Readers (RFID) have also started contributing to data collection along with aerial and local recordings etc. all across United States.
Big Data, Bigger Potential!
With the unprecedented advancement in technology, not only have the companies started valuing what this massive dataset has to offer, but also safeguarding it from being copied or stolen, irrespective of how irrelevant the bit of data it may be.
While the companies hunt for every possible way to collect as much data as possible that includes any aspect in context of either their company or their customer, the technology is sculpting new ways to formulate new solutions to existing problems on the base of collected data. Big Data is not always a structured bulk, sometimes it is unstructured to the levels that it can only be analyzed by industry experts. Its Four V’s : Volume, Velocity, Variety and Variability make its handling a tedious job, but as the wise have said, The Bigger, The Better!
From Analysis to Analytics!
The heavier the datasets become, the higher is the precision needed to collate, create and confine it. Today’s edgy technology has a lot of solutions in store for managing not just the safe storage of the data, but also its sorting and screening.
The key motive of implementing a chain of processes on this data is to extract the Patterns and Anomalies. The search of patterns lead us to finding anomalies, which in turn opens the Pandora’s Box. With the assistance and support of complementing analytical expertise, a company can find the answers to their cross-sector concerns like customer information, inventory management, feedbacks, customer responses, huge piles of unaddressed data or maybe a surprising broken link of information crucial to your organization.
Since the past decades have witnessed the benefits of raking the data enough to find what lies hidden in it for us. Data is the treasure, analytics is the key!
Will you lose it or use it?
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