With every tap and swipe on the internet, you create unstructured bytes of information that inundate businesses daily – even when you clicked on this blog. However, the term Big Data is often tossed loosely as a buzzword by tech enthusiasts. As we recollect the illustrious ‘V’s of Big Data – it becomes apparent that the primary aim of Big Data is to optimize the decision-making mechanism within corporations. Let’s delve into the riveting proliferation of Big Data and its profound significance.
Let’s Start with a Comprehensive Definition of Big Data
Hear it from the former CEO of an enterprise leading the Big Data innovation at the forefront. IBM’s Ginni Rometty says, “Big Data will be the basis of competitive advantage in the future.” And she’s right. At its core, Big Data refers to complex datasets that traditional processing methods cannot handle. However, extracting insights from this data deluge requires more than just rudimentary methods of dumping it into a spreadsheet and combing for actionable patterns. Therefore, needing advanced technologies to process and gain insights from this heterogeneous data.
Why is Big Data a Must-Have in the Business Landscape?
The study by Forrester Research reveals that businesses are already missing out on an opportunity by not tapping into 88% of their data. Such untapped data represents a colossal loss of customer insights, leading to unsatisfactory delivery of services/ products. From market intelligence to customer engagement to optimizing business operations, Big Data integration can revolutionize how businesses operate. The question is, will companies take advantage of this opportunity to gain an edge over their competitor, or will they continue to ignore the potential of Big Data?
Understanding The ‘V’s of Big Data Analysis
That answer lies in Volume, Velocity, and Variety – the three ‘V’s of Big Data. To remain competitive, organizations must efficiently process large datasets to extract valuable insights that can inform strategic decision-making. It’s not just about the sheer volume of data that organizations collect, store, and analyze but also about the velocity at which it’s being processed. However, the challenge doesn’t end there. As businesses strive to stay ahead, the variety of data being collected – from structured, to semi-structured, to unstructured – adds another layer of complexity.
Quick Glance at Big Data’s Impact on Factory Floors
Speaking of staying ahead, the manufacturing industry has always been the frontrunner in the global economy. Remember, manufacturing companies are fast at churning actionable insights, from production and inventory data to customer and supplier data. The good news is – with the advent of Industry 4.0, one of the most profound shifts in the manufacturing industry has been the rise of Big Data. This presents an excellent opportunity for companies that can effectively manage and interpret this data, positioning themselves to make informed business decisions.
Can Your Manufacturing Business Leverage Big Data?
The answer is, “Yes!”. With an increased reliance on data comes the added responsibility of ensuring its integrity, requiring organizations to maintain data completeness. In the end, the true value of data lies not in its quantity but in derived insights. Despite the benefits, manufacturers are slow to adopt Big Data, with the primary challenge being backward compatibility. So, if your manufacturing business isn’t leveraging Big Data, how are you keeping up with your competitors? Are you missing out on a breakthrough innovation? Stay tuned to Rucha Yantra’s Knowledge Corner for answers to these questions and more.