Data sets which are too big and complex than any traditional data processing software application can’t manage with them effectively are known as big data. In simple terms, a large amount of structured and unstructured data which are too difficult to be processed as insights by the traditional data management software are called big data.
Businesses that can effectively utilize the power and value of big data can surely better performance than their competitors with greater capabilities in innovative creativity and solving complex problems.
Within the last three to five years we have seen a wide gap between companies that understand and exploit big data and companies chose to ignore the benefits of the solution around Big Data. The companies that succeed in turning Big Data into actionable information have a clear competitive advantage.
A survey conducted by LogLogic in conjunction with IT security research consultancy Echelon One finds that 49 percent of organizations are somewhat or very concerned about managing big data, but 38 percent don’t understand what big data is and a further 27 percentage say they have a partial understanding. Additionally, the survey 59 percent of organizations lack the tools required to manage data from their IT systems instead of turning to separate and disparate systems or even spreadsheets.
With the help of Big data, an organization can leverage so many gains in operational efficiency from optimizing your servers to optimizing your supply chain management. It can also handle compliance issues. It manages the security concerns of organizations in terms of helping them handle advanced persistent threat attacks and malware by providing visibility into what’s happening in their network.
In absence of having an effective tool to manage properly big data can be garbage data for organizations. Poor data management can cost a lot to any organization.93 percent of executives believe their organization is losing revenue as a result of not being able to fully leverage the information they collected. On an average, they estimate this lost opportunity to be 14 percent of annual revenue.
Optimize the data available to you and gain from their insights to grow your business.