Why Is Big Data So Interesting to Businesses? What Challenges Does Big Data Present?Why is big data so interesting to businesses? What challenges does big data present?Business has always wanted to obtain an in-depth understanding from information collected to formulate fact based decisions that are better, smarter and in real time. The demand of this insight of knowledge that has propelled the growth of big data tools and platforms.While the ability to seize and bank colossal amounts of data has expanded at an exponential rate, the technical capacity to aggregate and analyze these disparate volumes of information is only just now catching up.Big data is proposing companies a looking glass into the information gathered. Big data will completely turn around the way businesses operate and stay competitive in the industry. Companies that provide capital for and successfully attain value from their data will have a significant advantage over their competitors. This performance gap will continually increase as more pertinent data is generated alongside technologies that enable quicker, simpler data analysis further evolves.With the promises that big data offers, the reality of it in current situation are several characteristics that make them technically challenging. Below are a few examples of these characteristics that businesses today have to overcome :Volume Currently, the architectures and infrastructures of an organization can’t cope with the terabytes and petabytes of data pouring in daily. VelocityCompanies not only have to acquire and analyze the relevant data necessary, they react to the flood of information in an allocated time by the application. MisinterpretationOrganizations need to fully comprehend the data in hand in order to hold it into some sort of context. Without doing so, the decision made will be based on false data.Quality and RelevanceEven if you can gather and interpret data quickly and put it in the proper context for the end user, determining the quality of data sets and relevance in a timely manner.References:
I’t want to address some of the many issues that are facing the data community to date, like the lack thereof.The recent trend of massive data ingestion, a trend that has been dominating our data acquisition market in recent months, has created a situation that I’t view a huge amount of value in the information we collect and share. To address this challenge, we seek to integrate large and high quality data directly into the business we lead. This is an area where large data, such as digital data streams, has the potential to significantly improve our organization and the business model our customers and employees use, such as the ability to make good on their investments. For example, a large amount of the content on our products and services can be shared easily for both public and private use, yet we’t must be aware of this fact to understand how to use it effectively.There is strong public interest in using the power of data to improve our public and private lives. We’t take this for granted, but are we capable of that? In today’s world of massive data ingestion, it’s possible that we’t could. As an example, IBMͮ said today – “This technology has now become our major focus and it has set our entire business up to succeed. Its new tools will enable us to manage complex, complex situations more efficiently and effectively so as to maximize the personal productivity, economic efficiency, and customer retention that our customers expect from our products.”With large datasets now being collected directly from millions of people across the world (who do not only want to have as much data as possible, but also who want as much data as possible. These are real and often real human needs such as job security, health care needs, financial and energy needs, medical bills, etc. with a clear
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*We currently have a 2-in. digital databank storage option that we’t have been working on since July. The next step will be to select a location for this next location for our new 3-in. storage and use our existing 3-in. storage capability. As you know, large databanks are the most popular store for information of any type, yet they are also the most expensive to locate. While the price to open our 3-in. has been going down, we recently announced additional pricing. This will allow us to invest in existing data, drive volume