Which of the following characteristics about big data is actually true? According to venture capitalists and software engineers, it is neither true nor false. In fact, they say that BSCs, or baselines, which track historical data, are so valuable that it is a matter of survival if the information is not shared and used to benefit an enterprise. However, why do they view data as an asset?
According to those in the know, data provides insight into what customers want from a product or service. It allows a business to identify gaps in their portfolio and to develop products and services that are unique to their customer base. It allows a business to measure performance against key metrics and to make changes in business strategy accordingly. Data also gives an enterprise the statistical power to make decisions about strategic direction and to forecast future trends in demand for particular products or services.
Yes, enterprises need big data in order to stay competitive. It allows them to monitor their actual and potential customer relationships. It helps them determine how and where to invest their time and money. And it enables them to identify opportunities to increase sales and revenue. But how does big data really help? Let’s explore some of the primary characteristics of big data and see how they fit into an enterprise’s strategy.
First, big data provides a unique capability to capture, manage, and analyze a wide variety of sources. Traditional databases and time-series analysis can be limited to a small number of specific factors, like product demand and supply, price elasticity, geographical location, or customer history. But the interconnectedness of the web drives the need for a broader perspective. Today’s enterprise applications run on data gathered from web sites, social networks, mobile apps, and a plethora of other sources. Big data’s ability to link a person to the activities of others gives rise to what the industry refers to as “big data analytics.”
Second, big data is rapidly transforming business. Businesses are increasingly relying on information technology to provide relevant and actionable data. This includes extracting data from web sites, emails, and the like, in order to make business decisions. It also includes taking care of financial data like purchasing histories, customer demographics, and so on.
Third, because of its interconnectivity, big data offers businesses unprecedented possibilities. The ability to extract useful information from massive web sites like Facebook, Twitter, and LinkedIn makes big data a key ingredient in today’s business. Data can tell a business things like which of its products sold fastest during certain periods; which of its customers were most loyal; which of its customers helped the company raise more capital. These and many more can be gleaned from the massive amounts of data available through today’s Internet technologies.
Fourth, big data is a huge opportunity. As more businesses use it to run their operations, businesses stand to reap enormous benefits. In particular, because of its ability to act on its own, big data provides a business owner with unparalleled control over its bottom line.
Does all this sound like Big Data theory to you? If so, ask yourself which of the following characteristics about big data is not true? Big Data is here to stay, it is predicted to grow phenomenally in the next few years. Because of this, it is a good idea to get involved in running a small data center. You can learn a lot by watching others work. And best of all, it is definitely a career that is far from boring!