The term Big Data seems to enthrall the entire business community with its potential benefits and possible costs incurred for its management. Big data is simply used to describe the huge volume of data or complex data either structured or unstructured that traditional data processing software is insufficient to deal with them. Difficulties in big data include capturing of data, storage of data, analyzing, searching, transferring, sharing, updating and querying. Big data management mainly involves organizing, administrating and governing of the huge amount of b2b company data either structured or unstructured. Enterprises, agencies, and other organizations appoint big data management strategy to help them with fast growing b2b company data. To obtain maximum business benefits this procedure requires a specific combination of people, process, and analytical tools. Most prominent characteristics of big data are:
- It integrates both structured and unstructured data.
- It addresses speed, security, stability and flexibility.
- Some of the promising business benefits of implementing an effective big data strategy include:
- A timely insight from the huge volume of b2b company data, which means when an error takes place it, is known instantly. Real-time insight into errors helps the organization to solve the operational problem this saves operation from falling behind or falling completely.
- The ability to finding the data, acquiring it, extracting, manipulating, analyzing, connecting and visualizing the b2b company data.
- Improvement of services, which would lead to generate extra revenue. New strategies of competitors could be known immediately, which means you can stay one step ahead of the competition.
- On the occurrence of a security breach, fraud could be detected immediately and proper measures can be taken to limit the damages.
- It helps in identifying b2b company data that can improve decision quality.
- Decisions can be made easily with real-time insights that better suits customer.
- The ability to manage vast volume of b2b company data, in and out of the system, with validation and verification.
With all the advantages big data offers there are a few problems in managing big data. Firstly, it is difficult to find and manage data. Accessing the right data is difficult. Big data is huge and it is difficult to fetch relevant information. Moreover, the analysis could be misleading as it is a complex task to gain insights and updates which can sometimes mismatch real figures. More specifically, data security breach might cost heavily on the organization. Big data, when used carefully with an in-depth understanding of its applications can prove to be an advantage for any business organization to enhance its marketing scope immensely.