Every company makes important decisions based on the information they gather with the goal of developing their business. If they cannot collect and analyze this information, they won’t be able to make a well-informed choice, so the chances are their business won’t get far. But, what happens when they gather a large volume of data that cannot be analyzed by traditional tools?
Simultaneously, with the development of technology, the Internet, and devices we use daily, the term “big data” was created. It is based on six Vs – Value, Volume, Velocity, Variety, Veracity, and Variability. Nevertheless, in the following article, we will focus on the pros and cons of working with big data for your company regardless of the industry you are in.
Table of Contents
Improve decision making
We have already explained that every business owner and manager use data they collect to make the best possible decision to develop the company. Taking this into consideration, it is not surprising that this benefit is the biggest reason why they choose to invest in big data. Top-notch tools that are available nowadays enable you to analyze all sorts of information from different sources. You can gather data from Facebook to gain insight into your target audience demographics, or use Instagram to find the right influencer to advertise your merchandise.
Simply put, once you implement this technology, there won’t be a question you cannot answer. Not only will you understand exactly what your company needs, but you will also be able to overcome every challenge in your way.
Depending on the size of your company, you may generate an abundance of information every day. This is a positive thing, but have you ever considered the time and effort your employees invest into analyzing it? This is when big data tools come in handy once again. These will enable your workers to go over all information, categorize it and combine it with others, and present you with results in a short period of time. Naturally, their productivity will be increased greatly. Not only that, but this system will have a significant effect on the overall efficiency of every employee in your company, and even yours. You should conduct research on this system and find out how it works in this post by Serokell.
Better customer service
Surely you understand that your clients are your biggest asset. At the end of the day, if they weren’t interested in your merchandise or services, you wouldn’t be able to earn profit and further develop your company.
Well, because of this, improving customer service should be one of your main goals, and this is what big data tools allow you to accomplish. Nowadays, the biggest chunk of information you get is provided to you by your customers, and it is natural that you use these to improve their experience.
Another common goal that all businesses have is to reduce their operating cost. Obviously, there are some aspects of your company that you need to invest funds into, but the truth is that big data can help you boost productivity while at the same time it reduces operating expenses.
It is quite simple. By implementing these tools, you will enable your employees to manage the collected data easily, so they will be able to complete more tasks on a daily basis. As you can assume, this will result in decreasing overall fees.
Questionable data accuracy
Now, let’s discuss some downsides of big data, and the most significant one is the quality of input you gather. Analysts must ensure that all the information they have is accurate, and more importantly, relevant before sending it further. This investigation step cannot be skipped because otherwise, managers would receive useless information that might take them on the wrong path. The truth is that this entire process of checking the veracity of information can take some time, which is why it is one of the biggest downsides.
Stealing information is the biggest threat companies are faced with these days. After all, many of these include customers’ personal data and also information that is crucial for their business. Considering these, the fact that they are hackers’ targets doesn’t come as a surprise.
To protect their business, companies use numerous methods and techniques. They implement state-of-the-art software, outsource professionals, and many of them choose to delete data they don’t really need. Once your analysts go over everything, categorize and explore the details, you should remove information that isn’t vital for your business. This is the best way to ensure that your company isn’t appealing to hackers.
Lack of experts
If upon reading the above-discussed benefits, big data seems appealing to you, and you already have some ideas on how to implement it, you have to understand that this is a job that a regular IT professional cannot complete. If you want to have an in-house expert, you have to invest a lot of time in finding and training them. We are not even going to discuss the cost of this, which is understandable since these professionals are the highest-paid ones in the IT world today. Obviously, outsourcing this service is another option you have, but keep in mind that not only it can be quite costly, but you will also have to invest a lot of time and effort in finding the best people to work for you.
This downside is fairly similar to the previous ones. Naturally, you need experts to do this job, but the truth is that they won’t be able to do it if they do not have the appropriate hardware to work with. We are talking about computer systems and software, lack of storage space, apps, and programs, and most importantly, appropriate security systems. As you can assume, all of these are very expensive and require a significant investment, but the fact is that they are essential. There’s no point in hiring and training a data scientist if you cannot provide them with the equipment they need to complete every task successfully.