Big Data is the next big thing in the modern era. In this computerized world, and a world where time is a major factor for all individuals, Big Data is bound to succeed. Although the actual amount of data is not the main attraction in this aspect, companies rely ponderously on this particular facet. This helps to make many decisions for companies and help with other organizational welfares. Big Data is all around us and is being processed everywhere, making it widely accessible and effective. Such that, data is stored, analyzed and recorded to enable technologies that the world relies on all the time. To extract meaningful value from big data, optimal processing power and analytics capabilities are required with some much-needed skill.
To make things somewhat easier to relate, scientists decided to break big data into four dimensions, namely volume, velocity, variety, and veracity. Here volume defines the scale of data and how much can be stored, velocity deals with the analysis of streaming data given a rate at which the data can be used, variety talks about the different forms of data as there are more than one type and veracity is the uncertainty of data. One might wonder what other convenience might be enjoyed with the use of Big data. Undoubtedly, it will be cost-effective, less time consuming, helpful in increasing new product development, and also helpful in smart decision making. Big Data will further help in determining root causes of failures, issues and defects in near-real time, generating coupons at the point of sale based on the customer’s buying habits, recalculating entire risk portfolios in minutes and detecting fraudulent behavior before it affects an organization. Being evident, it will be predominantly important for different business organizations.
Big Data will need some more time, however, to reach the institutions as a large number of information will be needed to be processed. Many experts are engaged in making the Big Data more productive to make it more available. While big data can provide significant value, it also presents significant risks. Organizations must be proactive about privacy, security and governance to ensure all data and insights are protected and secure such that there is massive potential for exposure that could result in anything from embarrassment to outright discrimination.
However, with risks, there are solutions that may be undertaken. The benefits so far outweigh the drawbacks. Policies related to privacy, security, intellectual property, and liability will need to be maintained in this regard. Organizations need to put the right talent and technology in place and also structure workflows and incentives for the optimized use of big data. Access to data is critical so companies will increasingly need to integrate information from multiple data sources, and the incentives have to be in place to enable this. Big data is changing the way people within organizations work together. It is creating a culture in which business and IT leaders must join forces to realize value from all data. Insights from big data can enable all employees to make better decisions—deepening customer engagement, optimizing operations, preventing threats and fraud, and capitalizing on new sources of revenue.