Are you prepared for the Era of Data Explosion?
Data is the basis for finding reality. Without the right information, you are bound to make bad decisions. Machines are now generating more information than humans. Regular data extraction methods are not enough anymore; We have IoT – the Internet of Things, extracting information every second. And, if we see evolution as a trial-and-error process, the ability to have more information makes us much more efficient while making critical decisions. That is where big data comes in handy. Any entity can harness data and draw out practical, game-changing insights. This explosion in data can thus be both a blessing and a curse, depending on how prepared you are.
Data is the new fuel for any enterprise that is eager to embrace digital transformation. Data helps businesses understand where their customers are coming from by surfacing trends related to product sales, customer usage patterns, and beyond. It also helps them understand their customer’s intentions by utilising powerful predictive algorithms that spot emerging trends.
But businesses face a paradox. They are demanding more data to help them compete effectively, but they are unable to deal with what’s already on their plate. Whether it is inadequate IT: the struggle with an outdated technology infrastructure that isn’t designed to ingest data rapidly, that manifests in high storage costs; or manual data management practices that will never scale in line with data volumes.
Data collection and extraction thus becomes a crucial step in big data management. If there is no data in the first place, there is no point in any of the further processes. With the seamless combination of IoT and big data, data extraction is now quicker and hassle-less. Some companies are working specifically to collect and sell data. The value of data is unprecedented and increases every other day. To compete in the data economy, businesses will need to be poised for a sustained expansion of data. For data to be valuable, businesses will need advanced artificial intelligence solutions and checks in place to ensure they’re reading the data correctly.
Big data has proven to be a boon for even non-tech environments where Information Technology is not at the crux of it all. For businesses that cannot afford a big data infrastructure of their own, cloud-based big data solutions, for example, Amazon Web Services (AWS) gives a ready platform for you to utilise their cloud computing services. Once a cloud setup or big data infrastructure is done, companies can begin processing their data and leverage the big data tech to their advantage.