Big data is huge information obtained, owned and processed through the latest techniques to produce the best results possible for a company. The size of the data can vary from an organization to another. This is due to the capability of an organization in managing its information, analyzing and applying it to achieve the desired outcomes.
The collected information is very important to the company as it is analyzed to find answers that may improve the company’s performance. These include:
- Reducing the cost of production
- Reduce the time taken to produce or perform other tasks
- Enhance development of new products or services thus improving competitiveness.
- Assisting in making better and more informed decisions.
- Reducing risks associated with operations.
Managing data that is received and stored can be difficult to many organizations. Some of the challenges encountered in the process of handling huge amount of information include:
Capturing- its hard to capture information from diverse sources if the organization has no capacity. This may lead to collecting inaccurate information which may lead to poor results.
Storage- huge amounts of data requires large capacity data bases. Some organizations may not have them or the personnel to develop and handle them.
Analysis of huge information may prove difficult to many organizations.
Sharing the information collected is hard especially from different sources en route to diverse stations.
Information collected is supposed to assist entities to make better decisions. When that data is not collected , stored and analyzed properly it may lead to poor decisions made which could lead to loss.
There is a complex correlation between information from different sources. Linking, matching, cleansing such information across the systems is a big challenge especially to organizations with lesser capacity.
By combining big data and high profile analysis organizations can have many benefits . This is due to the fact that more information tends to form more accurate results. Such information is used to provide results on the most popular products in the market, what’s treading currently ,best movies, shows to satisfy the public.
This information obtained can be used by organizations to improve capacities hence being able to compete better, increasing their product range to suit the market tread.
New ways of doing business can be achieved as a result of analysis done that many lead to better results for the company or increase in profits or ratings. Proper analysis may also lead to opening of new avenues of doing business thus diversification of products offered or new lines of business.
Data well managed and interpreted can be used to add value in a company . The information can be used to detect leaks, failures and other defects. This is vital in helping to reduce costs incurred, leading to realization of more profits for the company. It also helps to improve efficiency. Improved efficiency gives a company an added advantage in pricing its products and services thus maximizing profits.
An organization is able to determine the best prices to offer to improve profits and increase sales due to all the information analyzed and well applied to the benefit of the organization and its customers.
The data can also be used to identify customers with the highest potential . This is vital as decisions could be made to the benefit of the organization. Check out this big data use case for more information.