If you are not living behind the rock, you must be aware of the noise made by Big data. Entrepreneurs who consider this hype to die and choose to ignore the technological advancement, must arm themselves for a fatal disaster and probably a set back in their arena. Big data is not just some big idea for tomorrow. Today – indeed this very instant – it's fundamentally changing how companies serve customers, manage operations and define their business models. Maybe it's happening at your organization. Or maybe at your competitor's.
Increased Productivity: A strong motivator
According to a research study by the University of Texas, Fortune 1000 companies could gain $2 billion a year in employee productivity, by increasing usability of their data by just 10%! BIG DATA has become quite a ubiquitous term lately. The heightening popularity across the channels, both online and offline can be credited to the evolving streams of unstructured data across heterogeneous platforms. The BIG DATA needs of many organizations have accelerated in the past years making a silent need of technologies to create big data value.
Explosion of Data: the trend is not new
Data', the word has outgrown its meaning. We have been registering staggering amount of data which is doubling every year, making it all the more important. New York Exchange is reported to produce 1 PB of data every day. Facebook, the popular social networking site currently hosts about 10 billion photos.
Organizations are receiving enigmatic amount of data from every conceivable direction. This explosion of data isn't new. The trend started in late 70s, what has changed now is the velocity as which it is accelerating. The next probable question that hits the common mind set, why these numbers are important for me. Businesses globally are harnessing the potential of this Big Data to multiply the outcomes and leaving behind the ones who don't.
Each of these resourceful BIG Data sources has their own predominant importance area of significance which they deliver to strategic decision making. Over the recent years, there have been tremendous developments in terms of easy and automated data analysis. With the help of modern tools and predictive analytics, more complex data can be stored and fed to uncover several hidden insights. Predictive Analysis empowers the businesses by providing them to analyze and act on data. Leveraging the potentials of Big Data as a major predictive analytical tool, companies are structuring frameworks for data analysis leading to more refined outcomes.
Source : articlesbase.com
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