- The term “big data” refers not only to large data sets, but also to the frameworks, techniques, and tools used to analyze it.
- Big data may be semi-structured, structured, or unstructured. It can be collected through any data-generating processes such as social media, public utility infrastructure, and search engines.
- With big data, we will get actionable data that can be used to engage with customers one-on-one in real time. For example, big data allows companies to check a complaining customer’s profile in real-time and get info on the product he/she is complaining about. It will help them to improve their business.
- The speed of Big Data transmission and processing is very high owing to cutting-edge technologies.
- Predictive analysis will keep us ahead of our competitors. Big data can facilitate this by, as an example, scanning and analyzing social media feeds and newspaper reports.
- There is now a ton of info on customers. Their activity is all being tracked. This can be used to serve them better. For example, companies can predict what product their customers want to buy next and can send related notifications to increase their sales.
- Explaining an insight into the business may be more appealing and easy to understand through graphics and charts when compared to a written document comprising text and numbers, and thus can attract a wider audience.
- Through Data Visualization, graphics can be used to reach a variety of stakeholders, including those with less technical expertise and less time to grasp things.
- Big Data can cause privacy problems, which can be seen, for instance, from the analysis of social networks, it can have our personal details.
- More often than not, Data Visualization applications cost a decent some of money, and it may not be possible for especially small companies to spend that much resources upon purchasing them.
- While organizing data there may be many unnecessary data points. The analyst should work hard to separate the wheat from the tares.
- If a business isn’t used to handling data at such a rapid rate, it could lead to incorrect analysis, which could cause larger problems for the organization.
The Age of Big Data is here, and these are truly revolutionary times if both business and technology professionals continue to work together. Real-time big data analytics can be of immense importance to a business, but a business must first determine if the pros outweigh the cons in their particular situation before implementing. This is a relatively new technology, so it is expected to evolve in the future and hopefully resolve some of its current challenges.
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