Status and future of Big Data in an industry

Big data is the collection of large amount of data through different sources including technological devices like phone, lap-tops tablets and gaming systems just to name a few. The data collected at a fast pace and is normally analyzed with the main goal of gaining insight of for the running of an organization; with the intention of satisfying the needs of all stakeholders involved.

“According to EY Building a better Working World” there are Big Data is characterized by 4 V’s “ • Volume: the amount of data being created is vast compared to traditional data sources • Variety: data comes from different sources and is being created by machines as well as people • Velocity: data is being generated extremely fast — a process that never stops, even while we sleep • Veracity: big data is sourced from many different places, as a result you need to test the veracity/quality of the data.” http://www.ey.com/Publication/vwLUAssets/EY_-_Big_data:_changing_the_way_businesses_operate/%24FILE/EY-Insights-on-GRC-Big-data.pdf

Working with big data is an integration of people, technology and information. There has to be a synergy   between the data collection source, methods and the final analysis in making decisions.

Analyzing data is essential to organizations because like anything else the results can either be negative or positive, this is dependent on how the information is perceived. Interpreting data has to be foremost on the minds organization leaders. Companies cannot randomly search for information without knowing what they are looking for. The data is huge and the right people are needed to make the analysis and decisions that lead to future success. Timely analysis of data is required to ensure future success for a company. The data obtained is used for an array of business needs including but not limited to predictive, statistical and quantitative analysis.  To appreciate the importance of the value of data collection we first have to understand the stages: These are managing the data; conducting the analysis which then leads to a decision. Strategic decisions are the final outcome when we try to understand the importance of data analysis.

Presently organizations have realized that the integration of data analysis in their operation is essential to remain competitive and have business success. Companies cannot afford to be left behind for the lack of utilizing the use of technology to remain as a force in a consumer driven society. Analyst will need to determine the expected outcome of the data that is gathered. Looking at the past history of consumer trend helps to determine the plan for present and future operations. The latter is extremely important because there is always rapid change in the world of business, which makes it important for making decisions that impacts the future. The collection and correct analysis of data will enable most organizations to have the capacity to become more competitive in the business environment. For example companies can track visits to their websites to determine what is important to their customers.  In return this generated data will help in customizing products or services that will fulfill the needs of present and potential customers.

The area of Big Data will grow immensely and organization should not ignore this fact. With technology developing constantly and the needs of consumers changing, companies will be forced to keep abreast of the inevitable. We can also add that information is easier to access and consumers have the ability to choose from a wide array of product and services. The future of big data can only expand among current and future businesses and organizations will need to ensure they can envision far into what they will need to do to remain competitive in a marketplace where business is easily conducted.