Big Data – How Big of a revolution this is ?
Well a lot has been said and discussed about the Big Data and how its gonna change the way we will do business. Currently a lot of data being created in the world right now, Systems, multimedia, social media, websites etc the list is unlimited. Nearly all businesses store at an average of 300 terabytes of data every year. This means humongous amounts of data is been collected which if used effectively can mean a lot for creating new products and opportunities. To understand Big Data we need to understand what constitutes Big Data. The data comes quickly through variety of sources such as sensors, systems, social, and websites. This data can be of different Variety such as structured or non structured. Big Data means huge volumes of data to the tune of Peta bytes of data and that too complex data.
Following are the Five Key Ways Big Data will impact the Growth :
1. Information will be more transparent and would be usable at high frequency.
2. More data in digital form so it can be evaluated to get more insights. This will mean that the data would be more usable and can be processed at a much faster pace.
3. Big Data allows to minutely inspect the finer details of the business which otherwise could have easily missed. You can micro manage your businesses by assessing your customer preferences.
4. This kind of analysis can easily improve the decision making process. Now this is the most important aspect. With the load of easy to access information available would eventually lead to more informed business decisions.
5. Big Data can significantly improve the new product development and services. As people would get more information the result would be that better products and service models would evolve and which would become the next driver for the growth.
Conclusion : Big Data will become the Key matrix of growth for the businesses and the better equipped the organizations are to collect and effectively use the power of this the more are the chances of them deriving more mileage.