Big Data, not a new word for many, has almost changed the corporate scenario in recent times. Being the outburst of digitized data, it has now filled all the spaces in the companies; of immense importance and utmost application.
Big Data is providing a solution to the business problems. It provides the company with a more economical way of dealing with machines and the people; as now the World Wide Web is being over flooded with extreme use of data each day, which results to the fact that the companies can’t anyhow blindly follow the obsolete method. Companies that realize the importance of Big Data and understand what Big Data and its potential actually is, rise up as achievers in the market.
As a prediction by the International Data Corporation, Big Data market will go from $3.2 billion in 2010 to $16.9 billion in 2015 at a compound annual growth rate of 14%, which implies that need of Big Data tools and methodologies is increasing in a fast pace. With the help of Big Data, the companies overcome their existing limitations of present technologies. It is the change in operation of businesses and their competition.
Multiple governance processes
Companies that use Big Data automatically elevate their productivity and profit rates than the rest and make their own recipe of success. In Big Data analytics, there are multiple governance processes which are active simultaneously, rather than one central governance system in the traditional method; each process is made to act as a solution to a specific business area which adds efficiency and effectiveness to the whole management system.
Not only this, the traditional supply chain application doesn’t help today because of high volumes of data being generated every now and then; it only helps in leveraging the transactional data.
Transformation in customer experiences
Just the price and the product do not differentiate a company today, but customer satiation does. Irrespective of the price, the foremost priority of a company in this hyper competitive world is customer and with the help of Big Data, we can transform this customer experience and make it reach further heights. Content is increasing every second; and with this increase in content it needs to be properly managed and formatted.
The present content management system can handle data formats but that to be on a low scale and gives limited capability to content discovery. This leads to a need of Big Data which not only enriches content discovery and development but also manages the content in a way appreciated by everyone, especially the customers.
Big Data gives quality assurance and is an approach to overcome the quality challenges in the present scenario faced by many. 80% of data generated is unstructured data which does not fit into any database format and was considered dead and useless till now; but with Big Data coming to picture, the so called un-structured data is being organized in a way it benefits the company. It stores every type of data; be it structured, un-structured or semi-structured and makes a use out of it.
We can very easily imply that Big Data will bring huge changes in the lives of people and also the business, solving the major issues.