STATUS AND FUTURE OF BIG DATA IN AN INDUSTRY

Current Status

We live in a world that strongly relies on data for business activities Data forms the basis of several actions and determines the fate of corporations. It can either be in a structured or unstructured form. While structured data are stored in a database like SQL, the unstructured data exist in documents file and streaming data that were gotten from sensors. The integration of different data types and their management in association with the traditional data forms BIG DATA.

In a wider sense, Big data is a term technologist employs in describing a large volume of data flooding several business organizations. Big data is much essential to the successful operation of the business organization in different industries. Financial Institution clearly understands the dynamic nature of customer needs and also deploy several alternatives to boost their satisfaction. They, therefore, need to activate big data technology to minimize both risks and frauds. Similarly, its impact is felt in the educational sector. Most educator finds it easy to identify at-risk students, make adequate progress and implement an efficient system that provides necessary support for their teachers and school principals.

Furthermore, government agencies can make significant progress when managing utilities, dealing with traffic congestion issues and develop strategies to reduce crime. The value of big data can't also be underrated in the medical sectors. Big data technology has assisted several medical personnel to uncover hidden insights and improve patient care. The technology significantly improved the efficiency and accuracy of medical job and also helped them to act in line with the regulation of the sector.

Industry Demands

Establishing an effective customer relationship is quite important in the retail industry. Multinational retail companies have adopted Big data technology to facilitate their operation. The system is efficient in the management of their major daily transactions. This technique revived many businesses and made them compete better than other firms. Manufacturers also enjoy enormous benefits from big data. They've been able to boost their output, product quality, and service delivery. The manufacturer quickly solves complex issues and make better business decisions.

For a better understanding of the importance of Big data in business operation, it would be nice to identify organizations which have successfully incorporate Big data technology in this operation. The use of big data technology by Macy Incorporation increased the company online presence and credibility to their customers. This retailer ability to make near real-time pricing adjustment for roughly 73 million items, based on demand and inventory improved its level of customer patronage. Furthermore, Tipp24, a modern European betting platform for lotteries and predictions was developed through big data technology. The company's system analyzes billion of a transaction and hundreds of customer features. It also develops predictive models that target customers and personalize marketing messages immediately.

Walmart Stores Incorporation, a US-based retailer also adopts Big data technology on its search engine. Its search engines wholly rely on text analysis, machine and even synonyms mining to output the appropriate search results. According to the company's manager, big data has fetched the company billions of dollars through the assistance it provided in helping the online shoppers to complete their purchase.

Future Scope

Adopting big data for the creation of business value has become a reality. However, access to big data and internet connectivity can pose a big challenge to the future existence of big data, Most of the data points are yet to be connected, and companies also lack the right platform to manage data across their enterprise. Furthermore, security concerns form a major obstacle that presents big data users from enjoying the full benefits of this technology. The organization understands the effect such issues will have on their daily operation and can because of the ignore Big data technology in the nearest future. Also, the rapid development of big data technological landscape has a negative influence on organizational data. It's capable of creating fragmentation on data ownership which is not encouraging for most organizations. All these issues change bring Big data into extinction. It's necessary for big data service to critically examine these issues to avoid the complete collapse of this wonderful innovation.

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