Big data is the new star of the town. It's the new buzzword in the industry. Industries are excited about the advent of this trend and are awaiting it
Big data is the new star of the town. It’s the new buzzword in the industry. Industries are excited about the advent of this trend and are awaiting its effective implementation to reap the benefits. So what is the big deal about big data? Why is its relevance snowballing? And is big data’s use detrimental to any party?
Big data refers to large sets of data which is used for analytical purposes in order to reveal patterns, trends and associations, relating to human behaviour and interactions. This big data can relate to customers, competitors, internal or external to a firm and is unconstrained to all fields- business, healthcare, education, banking, government.
What makes big data so crucial for all these entities are the results of maintaining and analysing it? A company having relevant data of all its customers will be able to forecast accurately the customer’s lifetime value, their wants and needs, their behaviour which will enable the former to reduce its costs. On the other hand, the customers are delivered a value-based experience by such companies. Hence, both the entities, the company and the customer, attain a win-win situation.
No doubt, big data offers a lot of opportunities to various industries to increase customer responsiveness and cost efficiency. The recent technological breakthroughs enhance the idea of using big data. But, the major threat posed by big data is the intrusion into one’s privacy. How much data is actually needed by an entity to know its customer is a big question that remains tabled. The governments can definitely state guidelines for companies to protect its citizen’s privacy but in a world where everything and everyone is connected digitally by dint of data and technology, right to privacy will continue to persist as a bone of contention.