Big Data is a means to add value to your business efforts. It is a way to make your business more competitive by transforming the way in which you handle data. While the popularity of Big Data is growing at a rapid pace, there are a few things that you must be aware of in order to better understand the phenomenon of Big Data and to harness it for benefits.
1. Big Data represents an exponentially growing market
The ‘world’ of Big Data is expanding at a fast speed before our eyes. It is predicted that the market for Big Data will continue to expand remarkably for the next decade. Based on global trends and industry analytics it is expected that Big Data will continue to increase its big market.
As Big Data gets ready to enter the everyday life of general people in near future, its annual growth rate can only be expected to continue on its upward trend. This means, it is also the market that will present a lot of opportunities for people to gain from it.
One thing to note is that with the increase in the Big Data market, there will be exponential increase in the volume of data as well. To handle this pressure of a massive amount of data a lot of enterprises will move their Big Data to the cloud. Such a situation will impact the revenue for storage of data in traditional datacentres.
2. Big Data means unformatted data
Big Data means a huge amount of data in its raw form. This data can pose quite a challenge to manage. There are often various and very different sources from which Big Data is obtained by organisations and enterprises. This means that each individual data set can contain very diverse data which may require very different and distinct formatting.
As Big Data is normally not very neatly formatted and is often in a messy state, it requires to be formatted before it can be analysed properly. Data scientists have to spend most of their time in formatting and cleaning the data and making it fit for further processing. This is one of the issues associated with Big Data that one must be aware of before one embraces Big Data for business.
3. Big Data decodes the relation between data sets
When we talk of Big Data we generally mean data that can come from anywhere. It is essential for an enterprise to accumulate data from both external as well as internal sources. The trick of deriving benefit from Big Data lies in being able to accumulate data from diverse sources and then analyse them to determine the course of future action.
An enterprise that deals with isolated business data does not get the whole picture. The enterprise is compelled to seek for results based on the limited data to which it has access. However, Big Data allows enterprises to deal with a massive amount of data.
This makes it possible for organisations to identify any relation that may exist among the various data sets. The result of such analysis when applied properly can help enterprises to obtain their business objectives.
4. Big Data is useless without analysis
Big Data has almost no value when considered on its own. Big Data derives its worth through analysis of the diverse and huge amount of data sets. This means that the value of Big Data gains significance only after data scientists process and analyze the data and make it fit for further use.
So, the whole process of making Big Data worthwhile for our business can only happen when we understand the data, and to understand the data we first have to clean it, format it, process it, analyze it and then proceed to explore it. In short, unless we complete all these steps related to data, Big Data can be of little use for us or for anybody else.
5. Big Data requires human input
Big Data still requires a lot of effort to be put in by human beings before it can provide any significant result pertaining to the objectives for which it is being embraced by enterprises and companies.
Big Data requires data scientists to manually sift through the massive amount of data, cleanse the data, refine it by formatting and then make it ready for analysis.
But it cannot be very feasible in the long run to involve more and more human beings just to make the data fit for exploring in order to derive beneficial results. Therefore, it becomes necessary to look for ways through which we can deploy technology to take care of the data to prepare it automatically for analysis.
6. Big Data is not meant for everyone
Big Data is a relatively new thing. It is true that a large number of companies have embraced Big Data and have started deriving benefits by exploring it. There are many other companies who are trying hard to make Big Data work for them. However, it is essential to understand that every company is not is a position to accept and start a Big Data initiative immediately.
The hype surrounding Big Data have made many companies believe that almost all enterprises are getting ready to make use of Big Data in a major way. But the fact is that there are a large number of enterprises and organizations that are still struggling to derive the maximum value from the traditional sources of data that they are using currently.
Such companies may know what Big Data is all about, but they are not sure about how to make Big Data a fruitful initiative for their business. This indicates that Big Data has not become a compulsion for all companies who want to attain a competitive edge in the market.
7. Big Data’s best is yet to arrive
Big Data is making inroads into all spheres of business and daily life. This is one of the main reasons behind the tremendous growth of Big Data. However, it must be noted that this growth is based on traditional systems that are generating data sets for the process.
But the future is getting ready to welcome more technological advancement. The result will be that the world will witness the extensive reach of technology and network everywhere. As everything starts getting connected through an all-pervasive network, there will be obvious changes in the way data is being generated and handled.
There will be much more volume of data to be managed and there will be sophisticated and automated ways to handle that sort of massive data. This means, there will be a shift in the character and quality of data that will become Big Data. As quality of such data improves, Big Data will also improve in a major way.