Big data has changed the way things work in the business industry and, therefore, we are going to analyse these concerns deeply as well as layout some of the ways that business companies can employ to tackle the challenges that have been brought about by big data. It is well known that with increase in market share, the business as well grows and, therefore, this results in big data which calls for new ways of handling the new challenge. The report below is going to discuss on what big data is and what implications it has on the business world
What is Big Data?
Big data is the term used to describe large amount of data by a particular group and it has been concluded that normal processors cannot be able to handle this amount of data. The failure of normal processors to handle this large data has resulted in a challenge that has forced people to look for new ways of processing this data. The key factor in this report is the business industry because they are the ones facing a serious challenge in dealing with the issue. It is very important to process this type of data because once business organization or other groups have managed to process these big volumes of data, it would help them in the day to day running of their activities since a lot of decisions and business strategies rely on them. There is, therefore, a big need to find ways of analysing this data and getting to the bottom of all challenges brought by big data (Morabito, 2015).
Challenges of Big Data
To further understand how to deal with big data we are first going to discuss some of its big challenges and the first one is how first data is going to be processed. When processors were first designed, no one thought that at some point there was going to be big volumes of data streaming in within a short period of time, and which require quick analysis since every decision made depends on that very data. Business organizations have, therefore, been forced to look or employ new techniques of processing this amount of data and some of the ways that have been used include increasing the memory size, and another is in dividing this data into grids of memories where each is handled by different computer, therefore, boosting the speed of data analysed in a short period of time.
The second challenge posed by big data is the data quality that has been analysed and it, therefore, means that it is not just about speed but rather getting the right data and using it for constructive decision that the consumers can use and end up with genuine products or solutions that they seek. Business organizations have now found it necessary to develop new strategies of managing and even analysing the already processed data so as to extract only the useful content and leave out the one that is not required. It is important to note that consumers require end products that satisfy their needs; therefore, providing them with quality data will be a major priority to the business groups (Schmarzo, 2013).
Organizations should also ensure that the data analysed is well understood since it becomes a big challenge to process large volumes and also get to properly understand all of it within a short period of time. It is, therefore, important for business groups to have people specialised in different categories to deal with different areas and feed the consumers with the right information according to the data they have analysed. Organisations are tasked with developing strategies that deal with the challenge raised by big data and to develop these type of solutions then the individuals concerned must be people who can study this data and understand it well, therefore, enabling them to come up with the right strategies of tackling big data.
Data analysis involves displaying results on a graph and we all know that it becomes really hard for one to view a graph with millions of small data, and come up with the right information. This challenge, therefore, pushes business organizations to develop ways of ensuring that data is displayed with a lot of ease, and one good way of achieving this is by ensuring that data is grouped into small portions that can be displayed clearly and understood easily at the same time. This type of data representation allows the organization to draw up justifiable conclusions and make up decisions based on real information other than assuming the content of the data simply because one could not be able to interpret the graph well due to its confusing representation.
Benefits of Big Data
Big data has its benefits as well and they vary accordingly. One of the benefits is that it allows the owner to customize their websites as they desire and to meet their clients’ satisfaction. This also helps to classify data in that, related data is grouped together making it easier for consumers and other users to easily find the content they wish to see or use. A good example of a business organization that has employed this is the LinkedIn where people are grouped according to their profession, and therefore, new users can easily find people they are looking for and is thus considered user friendly. Such a benefit makes the product attractive which brings in more consumers.
Big data has also improved speed at which the data is analysed which has then influenced the decision making. Unlike in the past, organization are now able to take in a lot of data which are then processed at a go with improved processors giving results which then enables the business organization to get back to their clients within a short period of time. Big companies have now employed this type of data to quickly analyse their customers’ inquiries which has in turn helped in keeping the consumers happy and attracting larger market. This has also improved the communication between the clients and the business organization in that customers inquire about products before buying them, therefore, with quick response the businesses are able to sell more within a short period of time(Davenport, 2014).
Big data has also brought in the issue of safety because with large data that is stored in a specific storage facility within the business premises, one is able to detect any kind of threat and eliminate it before spreading out. This has also enabled organizations to formulate ways of keeping data safe by making them spend more on safety measures because of the risk that big data exposes one to.
Cost reduction has also been improved with this type of data since large volumes of data are taken in within a short period of time and at the same cost, while in the past companies could not manage to take big quantities yet they spent the same amount of time and resources to get the data, process it and get back to their customers.
New sources of income have also come as a result of big data. Analysis of big data has enabled organizations to have information on what is happening at a particular time thereby enabling them to act accordingly. For example Shazam application is now able to access information on where particular type of music is being played and when and who is playing that particular music, thus, making it easier for consumers of that particular product to locate the product they are interested in. This also enables the musicians to sell their music world wide because with such applications they can now reach many different markets, and by so doing, the owners of the application generate more income due to the many users of the application.
Another benefit of big data is that it has increased trustworthiness because unlike in the past organization are now able to rely on big data to make decisions or come up with justifiable conclusions. When data is analysed and results are reviewed the organization can respond to the market depending on information vetted from a big number of consumers, unlike when information from a few individuals are used to make up decisions. With this information at hand, companies are also able to judge how people perceive their products. For instance, if a large group gives a negative opinion on their product, then the company can go back to the drawing board and find a way of improving their product or even come up with a different but improved product that consumers would want to have, and this enables in the growth of the company by improving their product to boost their sales.
In conclusion, it is justifiable to say that big data is now being integrated by all companies both big and small. The challenges that big data faced when it once came into play have now been resolved in a wider manner and organizations have now embraced it due to its tremendous benefits that it has brought with it. Big data has changed the face of how business works and it is only a matter of time before every kind of organization find the best way in which big data can serve and satisfy both their needs and that of their clients.
Davenport, T. H. (2014). Big Data at Work: Dispelling the Myths, Uncovering the Opportunities: U.S.A. Harvard Business Review Press.
Morabito, V. (2015). Big Data and Analytics: Strategic and Organizational Impacts: U.S.A. Springer.
Schmarzo, B. (2013). Big Data: Understanding How Data Powers Big Business:U.S.A. Wiley.
Wang, B. Li, R. Perrizo, W. (Ed.) (2015). Big Data Analytics in Bioinformatics and Healthcare: U.S.A. Medical Information Science Reference.