Time, energy, and money spent in gathering and analyzing big data can in turn become very useful not only for businesses but customers as well. Furthermore, Big Data and Analytics can create a great impact in any business operations and add value to any business how manages to make the most of data gathering and data analyzing.
According to an article by Brad Russell for Tech News World, “the massive amount of data available from connected devices creates an unprecedented opportunity for increased optimization of products and services -- and, consequently, revenue. The deep investment in big data gathering and analytics is fueled by an ability to create added value for companies based on actionable business insights, and to create added value for consumers by providing lifestyle benefits.”
By creating new value and adding value to their services, businesses do not only improve their revenues in the short term but also help their customers to have a better experience using their services. This in turn provides any business with a solid base of loyal customers that will increase their revenue in the long term.
“The sheer volume, real-time velocity, and variety of largely unstructured data being generated by smart home products make almost any data calculation a big data calculation. Companies are still trying to figure out how to translate all of this data into real business value, but the opportunity is there for applications in marketing, customer service and new business models,”Russell added.
Nonetheless, privacy issues concerning big data analytics still exist. Big Data Analytics is not 100 percent accurate and causes more privacy problems than you think.According to an article by Secure World, among 10 privacy problems when it comes to big data analytics are:
1. Privacy breaches and embarrassments.
2. Anonymization could become impossible.
3. Data masking could be defeated to reveal personal information.
4. Unethical actions based on interpretations.
5. Big data analytics are not 100% accurate.
6. Discrimination.
7. Few (if any) legal protections exist for the involved individuals.
8. Big data will probably exist forever.
9. Concerns for e-discovery.
10. Making patents and copyrights irrelevant.
Big data was also the focus of Java Magazine May/June edition and was ranked as one of the Top 10 most demanded tech skills for 2016 by Computerworld's Forecast 2016 survey. “Companies are typically looking for someone who can help them manage data and package that data. [They want] people who can interpret and then help bring that data to life visually — building dashboards and things of that nature, so the executive suite can push through techspeak and understand what the data is telling them,” said John Reed, Senior Executive Director of Robert Half Technology.
(Image Source: SAS)