Organizations these days make use of big data because it offers them with potential benefits. But at the same time, it also offers numerous challenges for the one. How would you define big data in your dictionary? This does not mean that big data is big in the data volume only, instead, it refers to the fast rate of the data origination in complex format from several sources. It is being recognized as the one high in volume, variety, and velocity, process automation and something equipped with special methods, technologies and a lot more.
“According to the research conducted, firms have been witnessed to make an investment in the big data”
Below are the pros and cons of big data an organization can always achieve;
Pros of big data
For any enterprise, the use of big data can result in the following advantages;
- Minimizing the cost
By making use of big data, organizations can reduce their expenses and bring improvement in operational efficiency. Surveys conducted by Syncsort and NewVantage justifies that the use of big data declines the expenses.
- Enhancement in the productivity
As per the survey conducted, many of the business big data tools evaluate the bulk data quicker to improve personal productivity.
- Improvement in custom service
The NewVantage survey has further shown that the use of big data by the firms has also brought improvement in the customer services being offered. In this regard, there are a large number of companies who have gained some success. Data gathered from social media, customer relationship management system and various other sources offer the organizations with substantial amount of information so that they can make use of the provided data from bringing improvement in their services.
- Quick and improved decision making
With the use of big data, it has become easier for the organizations to come up with better decisions. Thereby, raising the overall success of the businesses, helping them grow and compete.
- Detection of fraud
This is one another benefit that lies with the companies who are making use of big data, especially those surviving in the financial sector. Where the big data relies on machine learning, it is an excellent way for detecting the patterns as well as anomalies. Such an act assist the banks in finding out where the fraudulent activity has taken place.
Other benefits include increased revenue, greater innovations, etc.
Cons of big data
For any enterprise, the use of big data can result in the following disadvantages;
- Changes occurring in technology from time to time for Big Data
This is one of the greatest disadvantages when the organizations make use of big data as the technology changes from time to time. The growing changes are definitely a way to bring improvements further. Thereby, making the organizations take this potential challenge.
- Issues in compliance
One of the other issues with making use of big data is if these are complying with the regulations set by the government. This has been referred to as one of the major barriers to working with big data. Hence, a challenge that the organizations face when choosing to make use of big data.
- Rising need for the change in the culture of the organization
Organizations that choose to make use of big data not just intend getting better at reporting only. Instead, it would be needing to develop the data-driven culture across the company. Creating a new type of corporate culture may be a difficult task for management.
Having difficulty integrating legacy systems is another drawback that the organizations face with the use of big data.
On the whole, the advantages gained with the use of big data outweigh the disadvantages it offers. This is why careful consideration must be placed whenever going for the introduction of any big data project. What do you think about the use of big data? Do share your views in the comment box below!
