Big Data has not only given giant companies new ways to maximize their profit, but also given data scientists and researchers a new way to understand and work on complex phenomenon, and also given generalists a new unique technique to generate their stories. A few years ago, forecast of future scenario of any company was just dreaming of dreamers, but the big data made it possible. Now company knows where they will stand after one year. This is revolution.
The overall cost of collecting and analyzing big data is quite high, so naturally, companies are trying to squeeze maximum information from their big data.
The ultimate value of big data is always dependent on how effectively companies use it to make more profit and how long is data expected to be relevant enough for use.
Difficulties in deriving information from big data
As the name suggests, big data is huge enough to make things very difficult for those who fetch valuable information from it. It’s like finding a needle in a haystack. It really is a challenge for analytics to bring down the valuable information from millions of chains of data. But considering the importance of big data, big companies spend dollars to evaluate that valuable information. That’s the call of today’s global market.
Analytics-“Data’s value maker”
The quality of information fetched from big data is totally dependent on the quality of Analytics behind it. Research shows that analytics is one of the biggest factors and differentiators between companies that fetch the most value from their big data and companies that don’t.
Analytics avail the hidden information to the companies, which help the policy makers to take accurate decisions in favor of companies, to maximize their profit. Increase in the income graph reflects the importance of analytics in big companies.
Data Explosion- “rise of fully digital world”
The explosion of world of data is pretty new. As is year 2000, only one quarter of all the information available in the world was stored in digital form, the rest was preserved on the paper, or over films or by any other analog media. But as the rate of expansion of data is very high, the situation has swiftly inverted. And today only 2% of the data are in non-digital form. This is a huge change which took place in the comparatively very short span of time. The need of digitization and advancement in technology is the root cause.
That day is not so far, when we have our dream world- “fully digital world”.
The Future- “Where data is everything”
In this rapidly digitizing world, a world of data is expanding exponentially. In a single marketing firm, millions of stacks of data are generated every day by customer’s transactions alone. These data are stored and preserved. And new hubs of data keep on adding. You can imagine, data are actually flooding.
The biggest challenge in today’s world is management and preservation of valuable data effectively. The data is to be preserved, because it holds valuable information with it. Researchers and scientists are working hard on developing techniques to extract a maximum of valuable information from big data.
The future will definitely bring a new data dominant world. A world where anything and everything will totally be based on some data. And by observing the pace of development of the digital world, anyone can say that- “that day is not so far”.
About the Author:
Vaishnavi Agrawal loves pursuing excellence through writing and have a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for Intellipaat, a global training company that provides e-learning and professional certification training.
The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Bangalore and has an experience of 5 years in the field of content writing and blogging. Her work has been published on various sites related to Big Data, Business Intelligence, Project Management, Cloud Computing, IT, SAP, Project Management and more.
The overall cost of collecting and analyzing big data is quite high, so naturally, companies are trying to squeeze maximum information from their big data.
The ultimate value of big data is always dependent on how effectively companies use it to make more profit and how long is data expected to be relevant enough for use.
Difficulties in deriving information from big data
As the name suggests, big data is huge enough to make things very difficult for those who fetch valuable information from it. It’s like finding a needle in a haystack. It really is a challenge for analytics to bring down the valuable information from millions of chains of data. But considering the importance of big data, big companies spend dollars to evaluate that valuable information. That’s the call of today’s global market.
Analytics-“Data’s value maker”
The quality of information fetched from big data is totally dependent on the quality of Analytics behind it. Research shows that analytics is one of the biggest factors and differentiators between companies that fetch the most value from their big data and companies that don’t.
Analytics avail the hidden information to the companies, which help the policy makers to take accurate decisions in favor of companies, to maximize their profit. Increase in the income graph reflects the importance of analytics in big companies.
Data Explosion- “rise of fully digital world”
The explosion of world of data is pretty new. As is year 2000, only one quarter of all the information available in the world was stored in digital form, the rest was preserved on the paper, or over films or by any other analog media. But as the rate of expansion of data is very high, the situation has swiftly inverted. And today only 2% of the data are in non-digital form. This is a huge change which took place in the comparatively very short span of time. The need of digitization and advancement in technology is the root cause.
That day is not so far, when we have our dream world- “fully digital world”.
The Future- “Where data is everything”
In this rapidly digitizing world, a world of data is expanding exponentially. In a single marketing firm, millions of stacks of data are generated every day by customer’s transactions alone. These data are stored and preserved. And new hubs of data keep on adding. You can imagine, data are actually flooding.
The biggest challenge in today’s world is management and preservation of valuable data effectively. The data is to be preserved, because it holds valuable information with it. Researchers and scientists are working hard on developing techniques to extract a maximum of valuable information from big data.
The future will definitely bring a new data dominant world. A world where anything and everything will totally be based on some data. And by observing the pace of development of the digital world, anyone can say that- “that day is not so far”.
About the Author:
Vaishnavi Agrawal loves pursuing excellence through writing and have a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for Intellipaat, a global training company that provides e-learning and professional certification training.
The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Bangalore and has an experience of 5 years in the field of content writing and blogging. Her work has been published on various sites related to Big Data, Business Intelligence, Project Management, Cloud Computing, IT, SAP, Project Management and more.
