Working With Big Data Challenges |Big Data
Summary
The surge of big data has brought both opportunities and challenges to organizations. With immense data volumes generated by devices and systems, companies face complexities in structuring, utilizing, and deriving value from this information. Extracting maximum value from big data remains a struggle for many due to its unstructured nature and privacy concerns. Tackling these challenges involves managing the four key aspects of volume, velocity, veracity, and variety, while focusing on relevance, actionability, ROI, and engagement. Efficiently managing big data leads to enhanced customer understanding, refined marketing strategies, and potential ROI gains of up to 250%.
Table of Content
In the past few years, the deluge of big data that corporations had to deal with has left behind a spree of challenges. With the constant exchange, integration, and transmission of big data, the issues pertaining to the same are growing every minute. Read on for more.
Global Internet traffic has grown from a data storage capacity of 8.6 million Gigabytes to a whopping 1 billion Gigabytes. More than 183 billion emails are being exchanged each day, with Google—the popular search engine giant, being accessed more than 4 million times per minute. In addition, connectivity of devices, the Internet of Things (IoT), and systems that function beyond machine-to-machine open communications cover a host of domains, protocols, and applications.
Yes, it has been projected that by the turn of 2020, over 30 billion devices will be connected wirelessly to the IoT….. Big data extraordinaire!
Big Data— Challenges are thrown by the Game Changer.
The structuring of information, ingestion of big data, and creation of actionable insights for better drive in-market tactics and building up of informed strategy serve as a huge differentiator in the contemporary competitive landscape. An indispensable game changer for large and small businesses alike, especially those with primary focus on direct-to-consumer markets, big data serves to be a challenging resource indeed (Here's the perfect parcel of information to learn data science).
The problems coming to the fore after organizations gain the ability to accumulate, store, analyze as well as interpret big data are connected with what to do, where to put it, and how to transform this large volume of high-velocity data into good value.
Gaining Maximum Value from Big Data
A majority of organizations across diverse industry verticals are now struggling to extract optimum value for the data in their possession. With data volumes being measured in Zettabytes (or 1 sextillion bytes), most of the accessible information is being assigned as unstructured data. More so, many corporations are feeling underprepared and without any direct methods of dealing with this big data explosion.
Consumers are demanding accurate and comparative data for quality, cost, and other satisfaction measures. Under the circumstances, the act of realizing good value from big data, along with navigating the maze of privacy challenges and data security, is by no means an easy task. There is a strong and urgent requirement for sequenced action plans and well-defined enterprise data strategies to forward the cause of one and all.
“Four Vs” of Tackling Big Data Challenges
Tackling big data challenges are often categorized in the context of:
Volume – The act of ingesting vast data volumes generated outside and inside the organization
Velocity – Management of the speed at which big data is produced and made to flow across various business functions
Veracity – Determination of the trustworthiness of data that is being processed and handled
Variety – Working with different kinds of data that’s being communicated, generated and distributed
For many, the main challenge remains with regards to how to manage and integrate data to realize the benefits of yet another “V”…….Value. The questions that need to be asked at this stage include:
Relevance: Is the available data directly related to customer-linked information? Can it help in acquiring and retaining the best customers?
Actionability: Is it possible for the business to deliver what it takes to be done? Are data informing decisions appropriately tied to core tactics and strategies? If not, is it not better to move on to those things that can deliver value and get things done?
ROI: Is it possible for data-driven, in-market activities to deliver an overall positive ROI? Can the big data in question influence customer behavior and focus on the activities that can improve the bottom line?
Engagement: Are the engagement tactics and strategies realistic? Are they capable of delivering appropriate timing, resources, and capabilities?
Management of Big Data
Effective management of big data brings about a better understanding of diverse customer segments. Along with constructing a comprehensive snapshot or “projected unified view of the customer”, it goes a long way in attracting, acquiring and retaining the best customers for just about any business (also consider checking out this career guide for data science jobs). Getting on top of the challenges of big data enables sophisticated approaches for product marketing, development, and sales; this it was done by incorporating in-market tactics and core business strategies into the available data. It’s interesting to note that the ROI of business solutions that are capable of incorporating data-driven business analytics may approach 250%.
Integrating data from various integrated resources enables an effective and multi-functional approach to all types of communication that foster lower-cost/higher-yields and more personalized customer relationships. Here, there exists a challenge of developing a practical, integrated approach that makes big data enhance a company’s ability to grow and influence customer behavior via better data-driven insights. A clear insight into purchasing habits, core demographics, lifestyle, life stage attributes, and other behavioral indicators helps the creation of tighter and better-managed business engagements.
The Last Word
Well-orchestrated and big data-driven enterprise strategies lead to smarter cross-functional approaches toward customer engagement. So, get on top of the concerning issues of big data and look forward to more lucrative bottom line figures—today!
