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Big Data : A Big Solution for Business!!!

By Satyajit Rana

August 28, 2014

It is true that Big Data has drawn huge attention be it researchers in information sciences or policy and decision makers in governments and enterprises. The growing speed of information will cause great troubles to human beings in coming years. However, there is a huge potential and very useful value hidden in the huge volume of data. As a result of this a new scientific paradigm is born known as Big Data problems.

A large number of fields and sectors like economic, business activities, public administration, national security and scientific researches in many areas, involve with Big Data problems. On the one hand, Big Data is extremely valuable to produce productivity in businesses and evolutionary breakthroughs in scientific disciplines, which give us a lot of opportunities to make great progresses in many fields. There is no doubt that the future competitions in business productivity and technologies will surely converge into the Big Data explorations. On the other hand, Big Data also arises with many challenges, such as difficulties in data capturing, data storage, data analysis and data visualization.

What Is Big Data?

Big data usually includes data sets with sizes beyond the ability of commonly used software tools to capture, manage, and process the data within a tolerable elapsed time. Big data sizes are a constantly moving target, ranging from a few dozen terabytes to many petabytes of data in a single data set. Big Data are high-volume, high-velocity, and/or high-variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization.

Big Data Problems

Big Data problems, ranging from global economy to society administration, and from scientific researches to national security, we have entered an era of Big Data. Recently, a report from McKinsey institute gives transformative potentials of Big Data in five domains: health care, public sector administration, retail, global manufacturing and personal location data. Their research claims that Big Data can make prominent growth of the world economy by enhancing the productivity and competitiveness of enterprises and also the public administrations.

Big Data opportunities and challenges
Opportunities

The effective use of Big Data has underlying benefits to transform economies and deliver a new wave of productive growth. Taking advantages of valuable knowledge beyond Big Data will become the basic competition for today's enterprises and will create new competitors who are able to attract employees that have the critical skills on Big Data. Researchers, policy and decision need to recognize the potential of harnessing Big Data to uncover the next wave of growth in their fields.

There are many advantages in business section that can be obtained by harnessing Big Data, including increasing operational efficiency, informed strategic direction, developing better customer service, identifying and developing new products and services, identifying new customers and markets, etc. Undoubtedly, Big Data is usually juicy and lucrative if explored correctly.

Challenges

Opportunities are always followed by challenges. On one hand, Big Data brings many attractive opportunities. On the other hand, we are also facing a lot of challenges when handle Big Data problems, difficulties lie in data capture, storage, searching, sharing, analysis, and visualization. If we cannot overcome these challenges, Big Data may be a gold ore but we may not have capabilities to explore it, especially when information exceeds our capability to harness.

Is Hadoop a Solution to the Problems of Big Data?

In a recent survey, technology executives and decision-makers ranked data-related projects at the top of their list for importance and investment. Companies seek deeper insights from the massive amount of structured, unstructured, semi structured, and binary data at their disposal in order to dramatically improve business outcomes. Hadoop can help here by:

- Capturing and storing all data for all business functions
- Supporting advanced analytics capabilities
- Continuously accommodating greater data volumes and new data sources

Therefore, the time has come for the organization to implement big data to enhance their business and yields maximum benefits/revenue with minimal/reasonable investments.