Building business space in the world market may be tough but it is a great opportunity to grow globally.
With technological advancements, people around the world have started providing information that gets registered with every business organization.
The facilities are used in such a huge number that it is important to harness the data properly without which the whole process becomes futile.
Big data is the term used for such huge collection of data that requires technological services to be sorted out. Managing these data in the traditional on hand management techniques have also proved ineffectual.
Challenges to handle big data prove quite stupefying initially. People get intimidated by the following:
The challenges are many but it becomes tougher when all information does not turn out to be genuine. In fact people forge certain data to get their desired products.
The analytics get confused in the process leading to a total waste of time. A deep probe may not provide the desired results.
However, it is found sometimes that a small data proved big for a particular business. Hence it is important to save everything, as there are no rules for good development of your business.
Now every business intends to grow and want to transcend the local boundaries drawn by community, city, or state. Every one dreams big and with each big individual reverie it is sure that when it comes to the turn of big business people, they are tending and taking shape of giants.
Information in the form of big data can be found raw or in the bountiful packets. Business intelligence tools help to harness this.
Most of the success of any business can be gained by appropriate predictions about the future demands of the people. Even a country`s success also lies upon the apt predictions.
A simple example will be enough to understand the process more clearly. A shampoo company will be interested in the feedback given by consumers about different shampoos available in the market. Their data collection will include responses on what the customers want and what more they expect from a particular hair cleansing product.
If fake responses are included in the survey or data, the chances of improving upon the product become lesser. With such possibilities the company will not be able to tap the market with its product, not even partially.
The definition of big data thus crystallizes as the information gained by data mining, business intelligence analytics, text mining complex even processing and business performance management.
The data can be predictive and prescriptive and is an effective tool of business intelligence.
The reverence on customer demand may depend largely upon the study of the popular mind. But sometimes it becomes very vexing owing to the confusion created by the customers themselves. Often than not, a customer remains confused with the exact demand. With a lot of products popping up daily, this situation is quite common.
The situation is more like ending up spending good time with family while attending a business meeting. Neither purpose is served well. Or it might turn up to be prosperous just like going on a holiday with the boss and in turn gaining a promotion.
Hence, no clear cut rules follow in this business and thus no clear cut results. As today companies are rushing towards collecting and analyzing new data and want to ransack it as quickly as possible.
The power of Big data is actually visible in our lives today. How? The greatest recent news of purchasing of WhatsApp by Facebook has swayed the market currently and people really want to probe deep into the matter to know why it had happened?
It is probably the competition which had led to the merger of these two social networking sites. Two powerful data sources collided with each other but the truth turned out even more drastic.
The reality is that now one company possesses intense power of big data.
After this merger when I was going through one article to probe deep into the cause of this merger, I came to know a fact that Facebook by the help of big data, can even predict that: when somebody would change his/her status from single to married, or the person is in a relationship with someone or not.
You might have seen friend suggestions while you open your Facebook account, how apt they are? They know your taste; they virtually know you completely and can predict anything about you. So every business wants this power and even wants to use it fully.
This is the power of big data and this can be used or misused, as per the person’s requirements. A smart business can ransack the machines and can collect this hidden weapon.
They can improve their customer relations tools and techniques; they can make their future marketing strategies based upon that and even they can make the customer more contended than ever. It is more like impressing the customer by wishing him/her birthday on the right date.
The right data provides this opportunity to touch the hearts of their customers while the company with lesser data loses it. Management of Big Data thus proves significant and imperative.