Massive data available in the internet is growing exponentially, becoming difficult to organize. Owning to the fact that information is crucial for meaningful analysis and better decision making, big data has become a critical factor for the business. Management of data itself has developed to a vast as well as a vital trait in current times.
Big data refers to that part of the industry that consists of analysis, processing and management of information. Inadequacy in traditional systems to manage information is the basic reason for its emergence.
In 2001, Doug Laney defined Big Data to consist of the three Vs as Volume, Velocity and Variety. Data volume is increasing due to factors such as unrestricted flow of data from open sources such as social media.
These are unstructured data types. On the other hand, declining cost of storage has assisted the burgeoning data volume. Data streaming has become challenging as the velocity at which data is accumulated is increasing rapidly.
Variety of data is another important aspect. Since, data types comes in multifarious formats, governing these data in multiple format is now a major concern. Another V, as Veracity, is now added to its character as the sources of data are diversified and the requirement to check their authenticity has become a necessity.
Big data can also help government for devising intuitive public policies. The impact of big data is also pervasive in daily lives. Since production and availability of a product in the market is based on consumer types and pervious records about purchase information. Only those products will be readily available that are highlighted in the big data sphere.
Corporations are in a hurry to adopt big data in their current system and processes. Automation is one of the common processes that are considered as a cost effective way to explore the benefits of big data. This can combine processes such as reporting, analytics, exploration, protection and recovery functions to common operation architecture.
The rise of analytics is not new; however, the rise of big data has triggered the need of strong analytics platform. The exploration of big data with new analytics begun with the internet based firms such as Google, Yahoo and other such organizations. Information from these sources is compared with customer data and product orientations.
Both types of data, organized and unorganized are combined by corporations to use them more effectively. New integrated technologies are developed for the system. Technologies such as Hadoop, Document Management System and Cloud technology are gaining grounds in the market.
The retail industry is associated closely with customers. Big data will leverage this industry with information from multiple sources such as the social media and also consumer patterns.
This will provide the retail industry a sheer competitive edge. They will be able to decide the most crucial parts of their operations such as personalization of products, real time recommendation, dynamic pricing, improved merchandising as well as excellent delivery of services and products. Big data will help to improve supply chain management and help retailers to estimate demands accurately.
The retail industry is being digitized as result of big data. This has rendered improvement in almost every sphere of the industry such as transportation, logistics and telecommunication. Business intelligence has become more imperative to drive operations and management.
The benefits of big data are boundless, as information is always advantageous. However, its impact can be summarized under a number of heads such as Governance, management, Security, Privacy, Usage and Quality. Improving efficiencies with the usage of big data has a greater scope.
This will be helpful in maintaining internal audits and also in detention of fraudulent entities. However, companies would require maintaining integrity of data, since; they can be sensitive enough to incur a great loss if used in a malicious way.
An effective legal foundation is to be devised to monitor such activities. Also, this brings up issues such as IPR, copyrights and so on. Although, with big data, management has become all pervasive, still many organizations are struggling with new generation technologies, as they are complex as well as expensive.
In 2015, some major trends will prevail in big data domain. Visual data recovery tool is expected to grow faster than the rest of the business market. The Cloud domain will grow its expanse for this sector.
This is predicted to grow three times faster with hybrid type cloud gaining more prominence. Shortage of skills will prevail even in this year.
Employment is growing faster in this domain, while skill development is gradual. Infrastructure of the operation and office premises will go through a radical change. More companies will opt for modern infrastructure.
Big data have contributed to a number of major traits in business. It has expanded the reach out of businesses to their customers. Since, this enables to use multiple sources of customer data; managing customer relationships will be easier and effective.
This has been effecting business operations turning them to be more efficient. Businesses have become agile using new platforms such as mobile devices and cloud infrastructure.
Author: Ms Fahmida Ozair, CEO, SoftAge