Every business or enterprise produces some or the other sorts of data in bulk that is usually collected and stockpiled and often treated as a priceless asset. But it has been found that this stored data is worthless for many companies because most of them have an inadequate knowledge regarding how to extract useful and meaningful information from this accumulated data. Hence, due to lack of their expertise and competence, they often fail to take any fruitful decision for the betterment of their company. In order to resolve this problem, big data has entered the market, which successfully bridges the gap between the company and its raw data.
In this competition-driven era, businesses need to take the right decisions at the right time. Critical business issues can be avoided by effectively managing big data.
Big data is basically the collection of large and intricate datasets that are generated from various sources like social media sites, websites, surveys, GPS signals, etc. Big data is beneficial in many aspects. Below, we are mentioning some domains where big data can be utilised.
- By analysing vast medical records and image patterns, medicine company can detect any disease at an early stage and can develop some new medicines which will arrest the disease. By analysing big data diseases like cancer can also be treated.
- Big data is also very useful in the agricultural field. Big data will help them in harvesting more crops so that no one will feel hungry and moreover, by using big data, agricultural people can easily optimise the use of machines and equipment.
- Big data will help NASA to get the detailed information about a distant planet and with the help of those data, NASA can plan its future missions.
- By analysing big data from their own intelligence and public data sets, police forces are now taking precautions and necessary actions so that they can prevent crime and other unsocial activities.
- Big data also helps the government in predicting and responding to various man-made and natural disasters.
Though markets are overcrowded with several database technologies oriented tools, but if the company uses these tools, then it would become very difficult for them to capture, store and utilise the data from these datasets. In fact, the traditional business intelligence tools and technologies are not adequate to solve this problem. Hence, big data analytics have stepped into the market and provide qualitative insights.
Big Data analytics is a technology that is developed by various prodigious companies around the world and they have already tested its commercial success. This data analytics is utterly changed the companies’ perception and also make a good impact on their daily business operations.
Below, we are mentioning some prime advantages of using Big Data Analytics.
- Cost reduction – Certain technologies like Hadoop and cloud-based analytics strikingly reduced the IT infrastructure costs. Using these technologies, larger volumes of structured and unstructured data can now easily be stored at a minimal cost as compared to the conventional techniques.
- Improved Efficiency – Hadoop is much more effective as it provides business houses how to utilise data quickly and also provides an analytical insight. In fact, this is much faster than the old, traditional ETL(Extract, Transfer and Load) tools which were time-consuming and hence, they needed time for loading the data from source to target BI system. These modern business analytics tools increase the efficiency of a company and help them to decide quickly.
The big data analytics are now widely accepted and with the help of them, the big data is no more challenging for a company, but rather they are considering this as an effective tool which helps them to take appropriate business decisions. Lower cost, scalability, strong IT support and outstanding results have made this technology as one of the appreciated technologies of this era.
Though big data has many opportunities to offer but like everything, it has also some downsides which you can’t ignore. Below, we are mentioning some risks that are associated with big data.
- Big data generates a lot of information about your personal life that should not be public in any condition. So, a clear discrimination between public and personal information should be maintained in a proper way.
- Data security is another concern that we need to pay attention while we are talking about big data. Big data is also generating a lot of personal information which can easily be accessed by someone else. So, the question is whether that person is a trustworthy guy or not? Is your information safe with them?
These are the challenges that are associated with big data and if these challenges can be solved with some fruitful ways, then it can be concluded that the big data is the most effective way by which a company can make right decisions which will help them to conquer their competitors. Now, companies are emphasising on this and are educating their employees regarding how to accustom and disseminate the information that they are getting from these structured data.