Big Data…it’s varied; it’s growing; it’s moving fast, and it’s very much in need of smart management. In the corporate world, BIG DATA & HUGE DATA are the buzz words! The meta data brings opportunity to make organizations more agile, more efficient and more competitive.
In the changing world of business, big data help companies drive more operational efficiencies from existing investments. The company uses big data to identify its most valuable customers today and tomorrow.
So a business world works well when it has accurate and quality data !!
“Big Data” can be a “big pile of trash,” unless mined by geniuses. Once one has all the data, then someone has to be a genius to analyze it.
For example, Walmart has probably one of the biggest databases ever created on their products, prices, competitors, customers, etc. They probably spend over a billion dollars per year on “Meta Data.” But their revenue is not growing. Why is that? I don’t think even they know why. So what good is this big database if they cannot grow their sales?
It is all hogwash unless people are really smart enough to analyze Big Data. In the business environment, there are changes in demographics, shifting customer psychology and the effect of Obamacare. If the data you have got through the data miners is not analyzed, it is getting worthless. One need to find the relevant data that will help you to improve your product, customer service, and your pricing strategy!