IMPACT OF BIG DATA IN BUSINESS- A CODEFORCE 360 REPORT

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The tech boom of recent times has spawned the decisiveness and value of data-driven insights. Data processing, storage, and analysis have played a critical role in every firm’s operational success and ROIs. Almost everything that is readable undergoes a process of “digitisation”, be it public health records, financial reports, employee profiles or even stock market indexing.

Dozens of surveys by tech gurus and researchers have postulated that the need for digitisation is only going to increase as data pooled in high-end databases double in short cycles sporadically.

Much of this sporadic increase can be attributed to the advent of social media packing unstructured data, where the raw data (which includes text, videos, and high quality images) along with their metadata (which includes the number of clicks, shares, and page rankings) require state-of-the-art databases which in turn, store the information stacked at the rate of terabytes per hour.

Moreover, the storage and use of unstructured data and metadata from social media platforms simply cannot be ignored as retail and insurance firms invest in the idea of using an individual’s digital footprint to sell their product. All of this information requiring colossal databases can be processed effectively only when it’s processed as “data in transit” rather than “static bulks of data”, which is why the importance of Big Data comes into play.

SHIFTING GEARS WITH THE TREND

With the palpable increase in the amount of unstructured data, traditional software tools have been rendered obsolete and the concept of relational databases has turned redundant since it’s not adaptable to dynamic and open cases.

Codeforce360 endorses Big Data as the solution to these problems and bringing success in business since it aims at effectively storing, processing, sorting, analysing, and extracting mission-critical insights from large pools of data.

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Dozens of firms worldwide have already employed Big Data open-source management tools like Hadoop to effectively skim through data which helps them derive valuable insights that help them get out of dodge or review their strategy which helps define the course of things to come.

PRICELESS BENEFITS FOR BUSINESS

Codeforce360 believes in investing in the concept of Big Data as the productive use of its management tools as well as insights will definitely lead to strategic and technical advantages for organizations going forward:

  • • The rate at which data is aggregated and implemented with Big Data exceeds our existing physical capabilities of processing and managing treasure troves of data.
  • • Big Data would help firms understand the swing in customer requirements and satisfaction with valuable insights into their behaviour which is easily discernible through effective analysis of their shares, clicks, views and second thoughts about buying a product or soliciting services.
  • • Change in trends in marketing and consumer awareness leads to a demand in increased product quality, capabilities, and effective marketing. Big Data would help firms analyze existing capabilities and swiftly adapt to the change.big-data-for-business-03
  • • Risk analysis and contingency planning gets a profitable twist with insights that can help predict obstacles to come.
  • • Firms can forecast and observe data in real time which helps in making decisions and establishing sound tactics.
  • • Dozens of industries and warehouses face huge losses due to the cost of replacing machinery after they wear out. Big Data helps in swift analysis of the existing machinery and tools used in production, resulting in reports of faults and required improvement in certain areas which would lead to swift checks and minor replacements that would cost just a fraction of the amount spent in replacing the whole equipment.
  • • Companies that are engrossed in strategies for success tend to overlook the human errors made in maintaining records and information while also ignoring the effects of information presented in inappropriate ways. Big Data helps identify these errors through noticeable red flags which would draw the firm’s attention and rectify them effectively.

CLOSING NOTE

With the versatility in managing and leveraging insights, Codeforce360 believes in relentless and effective use of Big Data to conquer economic and strategic challenges in the 21st century.

Emphasis on rigid, one-dimensional relational databases, and conventional tools will be a thing of the past as the importance of effectively managing heavily unstructured data is bound to decide success in business.

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