What started-off as a simple static page is now competing with millions of other urbanized counterparts but what actually is driving the world economy is ‘Data’. Considering the hasty growth of information sources like websites, flight reservations, banking transactions, smart devices and many more, giving data management responsibilities to our traditional data management techniques would be something that we will regret later.
Today, we have something known as ‘Big Data’, which actually refers to unreasonably huge data sets. I present this article to you which will be about the advent of ‘Big Data’ technology and how its incoming means better and big business opportunities.
What actually is Big Data?
As per the standard definition that is prevalent in the IT industry, Big Data is a massive and complex collection of data sets that are very difficult to search, share or even analyzed using common tools that we have today. Big Data usually appears when you are trying to analyze business trends from large sets of data or even when you are trying to analyze the human environment. The technology used for processing this Big Data by coordinating with several servers at the same time is called ‘Big data’ Technology.
Importance of data in any organization can be assumed from the fact that data supports decision-making and it is the speedy nature of decision making that draws a line of difference between a successful firm and a firm that is doing average in the market. For corporate firms who are still facing the ire of recession have much more dependence on Big Data Technology, with the clear aim of acquiring a sharp edge over their competitors.
Incorporation of Big Data
Well to be true I find the scope of utilizing Big Data technology to the fullest to be very limited as per the current business scenario, until someone comes up with a collaborative framework to merge the business units functioning individually. We are currently in an era where smart phones and other similar devices are already leading the IT segment with laptops and desktops being replaced. Big Data Analytics has already enough takers in the form of investors like Asian, European, US and many more waiting to lay their hands on the technology.
Recent incorporations include certain US based retailers who have already started utilizing this emerging technique to extract the customer base that are in search for baby products and also to determine the buying pattern of the clients. The source of their calculation or the data that they used was actually the previous record stating the visits of the clients. The search could easily be made specific by assigning unique identification numbers to the clients so that their individual records could be isolated and the buying pattern could be tracked.
Amazon’s datasets are actually powered by information sources like social media platforms with respect to Facebook, LinkedIn, Twitter, and other platforms that may sport the digital shadows or trails of our prospects. The accumulated data is actually correlated with product searches and reviews using which product recommendations are generated for shoppers.
Similar application can also be expected in the healthcare sector as well, as analysis and collection of accumulated data can help in drug interaction. Big Data is one hell of a ‘Datanomy’ that is comprised of atleast 10 million internet enabled services.
The Future of Big Data Analytics
Though Big Data technology might be hard to explain, however, the industry experts still believe that Big Data is the next big thing! One of the major reasons as of why I believe the future of Big Data to be bright is because of the nature of commerce. That is business operations are based on data sets, including financial statements, inventory, client profiles, online presence and transactions. It is the successful application and implication of big data technique that will allow businesses to come to term with their true potentials. However, most of the business tycoons we have today will have to change their point-of-view regarding data storage and their approach to data storage to some extent.
Big Data will have a major role to play in improving Operational Efficiency on which the success of any major sector depends on! Just imagine the improvement in the government administration if the Big Data infrastructure is utilized efficiently, which could trigger a faster way to process complaints.
Competitive edge with Big Data Technology
Big Data has the potential to become a vital weapon for business firms to outperform their counterparts. In a bid to capture a formidable market stand, both new entrants and oldies utilize a data driven approach and strategies. Apart from existing business establishments, Big Data technology will also lead to the formation of new units that have the sole motive of accumulating and analyzing business data.
Here are some specific benefits for you to know:
- Ofcourse, whole lot of data to manage and save for business advantage
- Data without use can be harmful for your business, Big Data utilizes information efficiently
- Big Data can lead to the discovery of energy efficient systems
- Data Management has always been a pricey option for corporate firms, which is why Big Data will be a revelation
- Efficient and proper utilization of business data
- Big Data can assist in targeting prospects in a much efficient manner
Big Data is at present in its initial growing stage, which is why firms are yet to analyze the true potential of the technology. In the coming time, when the data barrier reaches its peak, Big Data will prove to be of great assistance to firms irrespective of their market stand.