Big Data Challenged and Opportunities - Assignment Example

Staggering Revelations about Big data Technological advancements in the current time has led to a buildup of big chunks of data and information. This information explosion has led to the crisis of safe storage and privacy issues because manipulating it for wrong purposes can cause damage to the society. Data expansion has led to exploitation both in positive and negative ways. Big corporations have exploited some of it while the massive bit of it remains unused, which calls out for the need of more experts in the field to analyze it. It is necessary to take out the value that the data possesses and use it in the positive manner for it being beneficial of mankind. With big data, the problem of storage arises because of the fact that cloud storage has been seen vulnerable now to many security issues. With the data increasing day by day, it can be seen that people in the Information technology field are decreasing which causes an alarming situation to recruit talented people in the field. Information can be used for various positive purposes and scientific advancements can lead to the growth for a far better future. Where there are positive impacts and the world is moving towards a more digitalized form, there are drawbacks to the same thing which might lead to damage of both research and the society providing it falls into the wrong hands and is manipulated for the wrong purposes. The processing power and the storage capabilities of the technology for big data should be met with to improve understanding of nature (McCafferty). Innovative analytics boost organizational edge Big organizations have been using big data to gain advancements and lead the industry as compared to the other competitions in the industry. The aim to be the best at what they do, big data in industries is to be analyzed so that the big organizations can have an edge over all the other competitors in the same market place. Competition is what leads to growth and betterment. Striving for the best and maintaining the position is what keeps the companies moving forwards and progress in what they do. Analyzing big chunks of data not only gives out an upper hand as compared to the others but it also helps in making up strategies that are developed for the future working process and functioning of the organizational body. Having said that, the management system and lean management leads to the function of a more effective organizational body. It has become mandatory to develop future strategies on analytics and statistics of the company rather than by intuition. Decision making is also done in the same way where facts and figures are more valued. This does help in effective decision making since intuition can prove to fail, while many organizations that use statistics to backup their actions are more advanced than the competitors in the market. The big floods of data in corporations have made evaluating and analyzing easy which has led to the advancements and has given an upper hand in various business strategies. Using analytical way of decision making minimizes risk which leads to more profit generation (McCafferty). Big data challenges and opportunities The market of big data is advancing and progressing as faster than ever which has led to both challenges to counter unstructured and structured one while giving numerous opportunities to make advancements like never before. It has given the opportunity to advance at corporate levels where information technology is used as a viable tool to progress and make amends in the present strategies. Data mining is a big question when it comes to it because seeking the right type of information and manipulating it accordingly is necessary. Agreeing with the point that mixing new data with old data and then utilizing it for analytical purposes will lead to a far better progress at institutional level but this can also have a negative impact if misused or not properly used to gain results that are incorrect. Incorrect results lead to wrong decision making which then has an impact on the organization overall and its reputation can deteriorate heavily. The harnessing of big data is a major challenge since, not many organizations know what to do with big sets of information and how to decrypt it accordingly. Where it is necessary to get proper information technology professionals to decode the algorithms it is also necessary to double check it for errors because a single mistake can lead to crucial circumstances. Thus, the appropriate implementation of big data can open vast gates of opportunity for the organizations to progress and if used in a manner that is wrong or misinterpreted, it can have devastating effects which may lead to other crucial acts (Greengard). Nine companies that built success on business data Big data plays a vital role in business decision making, since facts based on statistical analysis can be found to be very effective when it comes to making progress. Companies have used various methods and techniques to employ data for beneficial purposes and to increase the revenues. With the use of techniques, not only have the major companies that include big music ones to the superstore retail markets, progressed but the logistic cost has been minimized and there has been maximization of the revenues. Data mining, manipulation and analyzing it plays a vital role in making effective decisions. Networking has played a vital role in this and no doubt the sharing of information and comparison with other companies has led to the progress of the major nine leading ones in their respective market. This however, can negatively impact the industry because data that is not correctly used can harm the company and in turn reduce the profit rates. Since, there is no limit as to how much the data at hand can be used for progression, the unnecessary or ill use can lead to damage which in turn can also deteriorate the company. Example of EMI is perfect as seen that it uses customer feedback for the music it releases to know if the track at hand will make profits or not. This has led the music company to progress and establish a good name in the industry. Customer feedback data can lead to harness of data in a positive way which can impact the overall performance of a company in a positive manner and generate far better revenues than it previously did (McCafferty). Companies face hurdles in pursuit of analytics When working in organizations that use analytics for various purposes, it cannot be overlooked that this can impact the overall performance in a negative way and lead to a decline. Organizations do face many hurdles in the pursuit of analytical data which have seen at times to not make the organization progress as much as it wanted to. The concerns about data quality and the predictions made are seen as skeptical figures in the marketplace and among well reputed old companies who rely on intuition for most of the work. This lack of confidence in turn does effect the company and the skeptical approach ends up not doing good for the company. Though, many say that analytical approach will produce good results in the coming years and will be a vital part of decision making and management performances, but it is also seen that the proper tools for the decryption of data is still lacking and have not generated any feasible results it was supposed to do so. Since, there is no centralized approach to study the structure and unstructured data, it is hard for organizations to comprehend or establish the rules for the use. It also can be owned to the fact that many CEO’s overlook the statistical analysis and look at data from an intuition of old business. By developing proper mining techniques and decryption process the data can be fairly used in implementing strategies that can prove beneficial. For that to be accomplished, there is a need for more talented individuals in the genre of information technology (McCafferty). Works Cited Greengard, Sameul. “Big data challenged and opportunities”. Baseline .17 May 2013.Web. 19 Oct. 2014. McCafferty, Dennis. “Companies face hurdles in pursuit of analytics”. Baseline.4 Jul. 2013. Web. 19 Oct. 2014. McCafferty, Dennis. “Nine companies that built success on business data”. Baseline. 24 Jun. 2013. Web. 19 Oct. 2014. McCafferty,Dennis “Staggering revelations about big data”. Baseline. 29 Jan. 2013. Web. 19 Oct. 2014. McCafferty,Dennis. “Innovative analytics boosts organizational edge”. Baseline. 15 Apr. 2013.Web. 19 Oct. 2014. Read More