It is vital that we have faith on something to bet on it. Big Data as a concept is extremely impressive and has proven effective ever since its inception. The ability to harness massive volumes of data to provide real time insights has an impressive effect on businesses in every sector. By analyzing everything from consumer transactions to location data, organizations are realizing key business advantages and achieving a measurable impact on revenue.
By crunching ubiquitous bits and bytes, organizations are discovering new and innovative ways to run business and perform any and every task possible. Critical business decisions are now being driven by sophisticated algorithms. Big data initiatives are transforming the business world.
With or without the right strategy and roadmap, big data is forever changing the way organizations function. The opportunities to drive revenue, connect with customers and develop new products are all there for the taking; market leaders are pulling ahead of the pack.
Big data as we know is about the depth and the diversity of data. The quantum of data is extremely important but what is more important is how it is connected and utilized. The value of data lies in how it is made to fit together. However, simply having access to quantum of data is not what will suffice. With the advent in technology, gathering data is not a challenge anymore. What is challenging is to synchronize the data and get the correct context out of it.
The amount of data that is being generated every single day is unbelievable. But the challenge is that most of that data is unstructured data and that is the challenging part. For quite some time now, we’ve been in a world where we know what structured data is. From a recent survey it was revealed that one in three businesses make frequent decisions with no trust in the information (data). Analytics is only as good as the amount, quantity and quality of information that you bring to the table. The more data we have analysis we do, the better decision we can take. 50% businesses do not have access to the information (data) that they need to take business decisions.
More than 80% large organizations like banking and hotel industry believe that customer centricity is most important to them. Now to enhance your business with goals like these, the key factors remain consistent and personalized service, asset management and analytical tools. If we look closely, we notice that organization face issues with analysis of information. Issues such as inability to handle volumes of data, inability to use analytical tools are holding organizations back from providing best-in-class service.
Almost every single organization today is willing to use Big Data for real time processing, predictive analysis and data visualization. Big Data is the next big thing since it will help organizations improve customer centricity, build trust and drive profitable growth.
At the end of it, there are three fundamentals that we need to focus on: the ability to gather information from everywhere, make it scalable, and ensure its radical flexibility.
In a nutshell, implementation of Big Data is clearly not a will issues but a skill issue. And this is where we would like to chip-in to assist you. The world continues to evolve but we need to remember, it’s all about the 3 Vs: variety, velocity and volume. We, at Pegasus InfoCorp, have a vision for making the power of the Big Data platform accessible to all our clients.