There are a lot of discussions taking place around the word regarding Big Data. Even though, the term has gained popularity among the business people and social media analysts, still it remains a mystery to many of them. With Mckinsey reporting that there are more than 5 billion phone users, 235 terabytes of data collected by U.S. companies alone, around 30 billion contents generated only from facebook and the data generation growth to be 40% annually, Big Data seems to be a big mystery and as well as a big opportunity to be unlocked.
Big Data refers to the data that are collected from various sources. Phones, social media networks, internet contents, internet search terms are some of the sources to name with. Business people make use of these data to make business decisions. Big Data helps them to keep track of changing consumer needs and preferences. With data being generated every fraction of seconds in this digital era; it’s becoming difficult for businesses to tap the right information.
According to a recent report, 70% of businesses are ready to adopt the technology that will unlock its meaning and help them to take tactical decisions. It also highlighted that currently only 10% of the companies make real use of Big Data to predict the future trend, analyzing social media, web search behavior and real time calls. The rest 90% lacks the knowledge, expertise, skills and proper infrastructure to collect and analyze these data. Thus, Big Data is fast becoming a big opportunity for outsourcing companies.
An opportunity for outsourcing companies
Analysis of Big Data should be made in a cost effective manner. If the investments to analyze data go beyond ROI of the business, then, it brings no effective result for the business. In such a scenario, the only way for the companies is to adopt outsourcing. Cloud services can be the most appropriate model for outsourcing Big Data analysis.
Big Data as such does not make any impact on the business. Only if you can synthesize the raw data and derive any strategic importance, business people can use that to come into making decisions. By outsourcing Big Data, it makes easier for the corporate to synthesize data and gain the competitive edge by taking right decisions. Outsourcing Big Data helps companies to save time needed to collect and manage the data. The service providers handle those portions, and allow companies to focus on synthesis and R&D which are of greater importance for business needs to sustain in knowledge driven world.
While Big Data pose as a challenge for the companies because of the variations in the nature and volume of the data, the same becomes an opportunity for the outsourcing companies to leverage its existing resources and capabilities.