Along with cloud computing, big data is the biggest buzzword in the industry today.
Big data refers to a collection of data so large and complex that it is difficult to process using the available database management tools.
By processing, it means, storing, manipulating, capturing, analyzing etc. The processing of Big Data is done by specialized tools like Hadoop, which are specially built to handle such big data. Big Data has taken the way business is done to a whole new level. Here we discuss 5 ways big data has affected the way we work.
Data is the raw material
With the emergence of big data, companies have started to refer to past experiences and responses whenever launching a product or service. Rather than giving the people something new they are focusing on proving what is needed. This information is obtained through big data.
Bringing the seller and buyer closer
With the help of big data the companies are able to pin point the users need and is able to provide them. This has brought the customer closer to the seller. The products available are more personalized. Companies are using big data to communicate with the customers in order to determine what the exact need of the buyer is and then fulfilling that need.
Business based on prediction
The business in the future will be based on the prediction rather than ideas. The prediction of what will be required by the customer will drive the market rather than innovative ideas that will create a need. The companies are monitoring on the buying patterns of the customers and predicting what the trend would be In the near future. All this is kept in mind while rolling out a new service or a product in the market.
Level playing field
With the help of Big Data the SMBs can target a certain audience and can make products or provide services for their specific needs. Now they don’t have to assume the buying pattern. They can look into previous sales history and can develop for the audience which suits their product. Big Data will help them grow the business as the probability of failure will reduce to a great extent. Moreover there are open source management tools for big data which makes it much more affordable that the analysts.
Less management more analysis
In the near future the work will depend more on analysis. There will be a huge demand of people who can work on the frameworks that handle Big Data. The management will take a backseat and will let Big Data take control of the processes. The launching of products will be on data prediction and not on management related decisions.
Despite the entire buzz surrounding Big Data several issues needs to be sorted out before the full potential of big data is realized. Issues like security, adequate workforce, privacy and liability will need a look into. Organizations need to put in a right kind of framework along with right amount of talent to make Big Data a success story. Cloud Hosting plays a vital role here. Management and analysis of such Big Data can be best performed with Cloud Services.
Poulomi Chakraborty, is one the finest writers, working at MyRealData. She is a regular writer who believes in performing proper research before presenting articles related to Cloud Hosting Services, Usage of various kinds of Tax software such as Proseries Tax Software and other such booming topics related to Technology.