The concept of big data revolves around the hugeness of available information that businesses can use to analyze systematically for revealing and deducing patterns, expected results, trends, associations, forecast any probable behavior. The data is gigantic in terms of quantity though the useful matter needs to be extracted out and available data processing capabilities are inadequate for it. The idea of big data challenges the traditional and conventional concepts of data entry, data storage, data processing, and data evaluation. The focus is on extracting the meaningful data which could be used for predictive analysis, user behavior studies, or any other form of data processing. Businesses make use of such humongous sources of data just to filter out content and matter that is relevant and useful for them. Companies and individuals focus on extracting insights from ample of complex data that requires further processing for the extraction of pertinent information that can guide a company’s future strategy.
One of the biggest advantages of the big data source is its growing importance for start-ups or small-scale businesses. When organizations have realized the growing importance of data sources, they will invest in the process of effective collection, collations, and storage of data. This data sources can form the basis of further research in the field. With every click, businesses will be able to register the information regarding customer behavior, this will lead to a huge data source which can be later referred for future usage in any capacity. This will also result in the inception of economic activity where these data sources will be outsourced to smaller businesses so that they can utilize this information and attain the competitive advantage that their size and features offer them. This big data will also result in much more accurate and to the point expectations from the markets that analysts will forecast. The information that will be accumulated will be much more diverse and useful when the organized systems begin to operate. Every organization irrespective of their industry will have a better understanding of market trends and deep insight about customer expected behavior subject to changes with economic changes of the country. The usefulness of this big data doesn’t restrict itself to just the businesses, but the PR firms, insurance companies, HR organizations, and even research and development sectors will be emerging differently as they would know the past strategies and how their implementations turned out to be. A Gartner Survey in 2015 was conducted, the results of which clearly indicated that in the next two years, companies are likely to allocate a significant amount their expenditure on the exploration, processing, and management of big data. There are basically three different factors that need to be studied, the first one is the volume of data, the second is the variety of data and lastly the velocity of data (Gaitho, 2017). These 3 factors contribute to building the strength of a big data. Volume, as the name suggests, focuses on the quantity of data accumulated, while the velocity of data is concerned with the pace of which customer behavior and patterns are studied and added to the database. The last element of big data called the variety of data explains how diverse the sources of data are, whether the database is only consumed with behavior statistics or are there other forms of data input like the click-baits and search engine utilization of customers. There are benefits to organizations of real time adjustments and alterations in the data and the management of data would be data much more effective and efficient. There are sectors in the industry where big data is utilized and surprisingly these markets are not known to the people. One of the examples is the 2014 World Cup winner Germany attributed its success and victory not just to the players but also appreciated their training camp where complex analytical tools enabled them to identify the strengths and weaknesses of other teams. The role of big data in the field of education and medicine cannot be neglected. The pharmaceutical industry uses the big data to discover new medicines which aid them in investing in new fields (Hill, 2017). The data is then utilized to for medical research and this is one reason why medicine is one of the biggest business. The big data provides a pool of information that aid organizations in selecting their pertinent information. The data can be tailored as per individual needs and used as per the requirements of the business operations.
Big data is used in the departments of human resources so that the most efficient workforce can be bought on board for running the operations of the company. The training process inculcates the pertinent information from the same database. The marketing department also uses the big data to see which promotional strategies, pricing techniques, channels of distribution, and marketing tactics have been successful in recent years. On the other hand, the sales department also seeks the benefit of existing data for prognosticating what the sales figures are likely to be concerning a product. The research and development department of any business uses the existing customer feedback to see what improvements can be made in the product to expand the customer base and revenue model. In this digital age, the organizations like Apple and Samsung are continuously monitoring their feedback channels and social media sites to identify the gaps in the market and explore ideas that can be inculcated in their products. The pace at which technology in the mobile industry is rising has slowed down due to the availability of cheap smartphones that every company is offering so the competition is fierce which is subsided by innovative firms like Apple and Samsung that try to recognize the market gap and then fill that gap.
A research conducted by MIT explained that the attitudes of organizations and individuals vary widely towards the concept on using big data in business operations but one common relationship was found which stated that the more companies recognized themselves as data driven, there was a considerable degree of better performances both in terms of operations and financial gains. To be more precise, the study further stated that the top 3 companies in every industry consider themselves as data-driven and this has positively impacted their productivity by 5% and profitability by 3% (McAfee and Brynjolfsson, 2012). Big data can be very useful for small businesses that can utilize the available information otherwise the process of starting a primary research from scratch is time-consuming plus expensive and most small businesses do not have ample of resources.