“Big Data” holds the nitty-gritties of all the megatrends that are emerging today. From mobile to social to the cloud to gaming; big rules every nook and corner of the business world. But, what exactly is encapsulates in Big Data? It incorporates multiple data sets – online data, customer data, offline data, competitive data and so forth.
Google’s executive chairman Eric Schmidt brings it to a point: “From the dawn of civilization until 2003, humankind generated five Exabyte’s of data. Now we produce five Exabyte’s every two days… and the pace is accelerating.“
The above highlighted words illustrate the rate at which data is breeding within the business world. 5 million mobiles produce data in seconds; Facebook generates billion pieces of content every hour; in almost every company, every sector data multiplies in milliseconds.
Every business or organization encompasses digital data such as financial data, medical data, environmental data and surveillance data and the list goes on and on. “Big Data” is a characteristic of big business and massive cloud computing structure is represented by a blend of huge amounts and extensive business performance requirements.
Well, the arrival of “Big Data” phenomena has produced several challenges for the organizations. Various components of big data processing such as gathering, storing, transforming, analyzing and eventually archiving it; every part of big data processing constitute opportunities as well as challenging tasks.
Data analysis is one of the biggest challenges faced by many of the companies. Surveying data aggregation and integration managers around the world have revealed a report which states;
- 45%: Should dedicate efficient manpower for gathering and analyzing data.
- 34%: A proper track of data must be kept between traditional internet information outlets and social media.
- 20%: Constantly expanding and growing web data makes it impossible to track latest drift followed in the ‘Big Data World.’
As, “Big Data” generate opportunities as well as challenges. Let’s take a look at some of the roadblocks which hold back the growth of an organization;
IT Infrastructure and Resources
High variable workload is likely to be associated with Big Data. It consumes a lot of storage, bandwidth and devoted and rigid technical infrastructure. To be one of the leading industries, organizations must focus on implementing latest technology to handle big data in order to draw meaningful insights from big data. Here’s a call that should be taken to face this challenge – ‘THE CLOUD.’
Applications and Software
A complex application pile forms the ground of Big Data. A dozen applications are associated with the processing of Big Data. Number of tools must be integrated with the existing application stack to build a stable and reliable operating environment which helps to improve operations, make fruitful business decisions and increase profits.
Most of the organizational data is fragmented to a large extent. That’s because every section of a business holds its own different piece of data and this creates data quality issues because of which no one department is responsible for collection and organization of data. Maintaining the consistency, accuracy and keeping it up-to-date becomes really tough for the organization.
Competency and Skill Requirement
Finding the people with right skill set is a tough job. Resources that can understand the statistical algorithms; work on data analytics solutions and drive visualization tools are hard to find. Shortage of manpower that can meet strategic challenges and possess good researching skills is another hindrance in smooth functioning of the organization.
In every second, every corner of the world creates “Big Data” that keeps on constantly evolving. Implementing smart big data metrics and analytics can aid to make better business decisions and improve performance. Constant growth and enhancement in the volume of data produces great opportunities driven by innovation in technologies, platforms and analytical capabilities.
Shraddha Tewari, a skilled and accomplished content specialist possessing diverse professional experience in developing creative and technology oriented content and is formally associated with AceCloudHosting. She keeps a strong interest in reading and writing about technology, cloud computing and latest software developments. This tech-savvy content specialist prefers Smartphones and internet as her best companion.