Social media platforms have today managed to garner speculating attention in the field of business and analytics. The outcome of such a diversified zone of social interaction enables the companies to earn lot of opportunities to gain business effectively.
Big Data has now become a business enabler in various organizations and gives the leverage of aggregating various new information sources in a united platform to harness abundant knowledge about customer needs. Management fads come and go but Big Data management is one of the seething tools to be used in several public and private sectors. Is Big Data just a passing fad or something much promising in the world of analytics? Let’s scoop out the details.
Management fads are always poorly defined but Big Data possesses some concrete elements to be admired as it enables growth of data and helps in optimizing business processes, understands the importance of the customer value and mitigates risk. Many CIO’s have raised their fingers on the effectiveness of Big Data and have called it to be a passing fad since they have a firm belief that managing large volumes of data, integrating it to the database systems and building an analytical capacity to filter data can be a daunting task. Big data have now become the luminary in both public and private sectors and has casted its spell amongst various public managers across the globe. Several government agencies are getting on their way to tussle with integrated data availed from data sources and culminate fussy management of customer data by building analytical capacities to outsource a data driven environment.
Amongst the raging talks of customer data management and citizen engagement, public agencies are trying their best to provide promising efficiency to handle critical data resources and incorporate into a single dataset.
Big Data provides a road map to the agencies and allows them to plan, execute and implement various big data projects. Financial analysts across the globe delve in Big Data for three reasons:
- It promotes market effectiveness – Delivering congenial guidance, advice and suggestions to the customer is a key ingredient towards inheriting market success and growth. But, it should be offered timely through appropriate channel. Financial agencies analyse data (Big Data) and carry out multiple researches on customer needs and latest market trends which can have implacable effect on business only when communicated commendably.
- Data integration – Inserting customer data into data bank isn’t a hard task to deal with, but, to get the data out of it might need some serious elbow grease. It is quite crucial to capture useful info from the segregated data. It should not muddle the user while they are looking for some information as they should have an easy access to the data. Objective of Big Data is to integrate various data insights without hampering the data condition.
Big Data is distinguished into two categories: 1) Analytical views and 2) Enabling new products. Big Data analytics help in revealing hidden insights which involves a costly process such as analyzing social and geographical data of a customer. This process is hyped much because of timely updated and promotion of investigative approach to data.
Web startups explore large number of user actions and try to create new kind of advertising business and this has to be done by exploiting the value of Big Data and allying it to experimentation.
The main attraction of Big Data lies in the way on how it processes a large amount of information without beating round the bush.
Big Data can create a difference by its processing capacities of conventional data systems. In other way, it is basically a cost effective approach that can harbor large volumes of massive data. This Big Data process can turn out to be feasible even for small startups which lack experience in data analytics.
Why is Big Data a key differentiator?
It is important to get the right choice of people with technologies to process and handle available data. People who work for database management must be able to cater good and potential business decisions and implement into business processes. There should be a significant approach of three different elements i.e. Technology, Business strategy and an effective business process which will help in streamlining the Big Data and deliver promising results in future.
Can We Rely on Big Data?
With all the facts and figures we can now settle with an opinion that the organizations should be flexible to change and learn how to handle and access required information by including database sets such as Big Data. Big Data can be the future and be convenient enough to nurture and handle complex data that becomes difficult with the use of traditional management tools. So, Big Data should not be ignored as“just another passing fad”.