Big Data for Business and Customers

Question: Discuss about the Big Data for Business and Customers. Answer: Benefits of Big Data for Business and Customers Big Data is highly recommended to use at business levels to manage huge amount of data in an organized form. Following are some essential benefits of big data for business: Big Data helps business organizations in real-time monitoring and forecasting of events that put impact over business performance and operations. Big Data application Hadoop has capability to manage vast amounts of data with validation and verification in or out cloud. The significant information that can improve decision quality can also be identified with the help of Big Data. Risk mitigation is also possible by big data by optimizing the complex decisions of unplanned decisions (Datafloq.com, 2017). Besides business, customers of big data have also gained benefits from this. Following are benefits of big data for customers: Big data helps customers to find better deals on consumer products. The tracking of similar products helps consumer to make best potential purchases, giving more power of buying and also careful their budgets. Today most of the companies are digging into big data, so it is possible that they can provide best offers to consumers those deal with big data. These companies want to learn that what their customers and how they can develop better offers and services to fulfill their needs. Opportunities/Uses of Big Data for Business and Customers Big data has various uses for business and customers and its usages bring various opportunities for business organizations and customers. Following are opportunities/uses of big data for business: In industry of healthcare, big data provides opportunities to track and analyze many aspects of human body. In case public policy business, big data helps to public policy smarter, more accountable and accurate (Mishra, 2017). In education sector, the business of online learning is growing fast with the help of big data (Kuketz, 2017). Big data also provides opportunities to customers in following ways: The main opportunity or uses of big data for customers is that it provides security, infrastructure and management of large volume of data. A successful big data project provides opportunity to track performance measures. Besides this, it also provides ideas to anticipated results against expected and actual performance. Challenges of Big Data for Business and Customers Besides benefits and opportunities of big data, business organizations and customers have to encounter some challenges of big data. The main challenges of Big Data are listed as below: The main challenging factor of big data for both business and customers is privacy and security of sensitive and confidential data that also includes conceptual, technical and legal importance. The sharing of data about clients and business operations while using big data technology is considered a big threat for culture of secrecy and competitiveness. The technical challenges such as fault tolerance, lack of scalability of big data and lack of quality in decision making on the behalf of huge amount of data and its storage, also cause various serious issues for customers and business organizations. The customers and business organizations that are using big data that must be aware about these challenges and use available potential solutions (Washington Technology, 2017). References Datafloq.com. (2017). Six Ways How Big Data Is Benefitting Consumers. [online] Available at: https://datafloq.com/read/six-ways-big-data-is-benefitting-consumers/2538 [Accessed 22 Apr. 2017]. Kuketz, D. (2017). The 7 Biggest Business Benefits from Big Data. [online] Archive.utopiainc.com. Available at: https://archive.utopiainc.com/8-blog/381-7-biggest-business-benefits-from-big-data [Accessed 22 Apr. 2017]. Mishra (2017). Big Data: Issues and Challenges. [online] Slideshare.net. Available at: https://www.slideshare.net/HarshMishra3/harsh-big-data-seminar-report [Accessed 22 Apr. 2017]. Washington Technology. (2017). 3 big data opportunities that can help your customers -- Washington Technology. [online] Available at: https://washingtontechnology.com/articles/2015/03/30/insights-meloni-big-data-advice.aspx [Accessed 22 Apr. 2017].