Big data is vital for company growth because it has the capability of showing companies how to scale their business and ensure it runs as efficiently as possible. This information is pulled from the many sources that run a company, and is often flowing so quickly and in such massive quantities that it can be difficult to utilize to its true potential. This post is going to cover some important facts and issues that surround big data that can be applied to scaling your business ventures.
What is Big Data?
Some tend to misconstrue the term “big data” to reference a specific volume. While it can refer to massive amounts of data, it is not specific, and the term can also refer to the technology used to handle the copious amount of data and its storage. Just how copious? Think petabytes (1,024 terabytes) of data that can contain billions of records of millions of individuals from different facets (call centers, social media, mobile data, e-commerce sales ect.)
The use of big data is exploding and growing faster than it ever has. It is estimated that by year 2020, approximately 1.7 megabytes of new information will be created every second for each human being on the planet (Source: Forbes)
How is Big Data Collected?
Big data is collected from many different sources such as emails, mobile devices, applications databases, servers and many others. This data is gathered, configured, stored and analyzed to help businesses gain a vision of what needs to be done to increase revenue, acquire or retain customers, and improve operations.
Big Data Means Improvement
Data can clear up a lot of situations that were previously handled with guesswork or time-consuming constructed models of reality. Such big data analyses now drive almost every facet of today’s modern society, including mobile services, retail, manufacturing, financial services, life and physical sciences.
Challenges & Solutions for Big Data
While big data analysis is imperative to business, for most organizations, storing and analyzing all this information can prove to be a roadblock. Just think about it: there are both structured and unstructured forms of data that are captured across an entire organization. Add to that the several available combinations of data that need to be cross-examined to discover trends and other helpful information, and this task can prove to be quite challenging. It is pivotal for an organization to choose the right platforms and technology to make the data mining manageable.
If big data is the direction that you want to go to scale your business and map out its future, these challenges do not have to be yours. Big data doesn’t have to equate to big money. Contact your telecommunications service provider today to understand the solutions that would best fit your business.