Big DataThe world is getting smaller! Isn’t it. If yes, then what is getting bigger? Some might say it’s the terrorism or its racism, or may be addiction or corruption, but what if I say that it’s the information or the data that many of us might be thinking of right now which is immensely growing day by day.  In our everyday life we have lots of information and ideas to share and explore and this necessity has created platforms like social media websites, smartphones, digital videos and images, GPS devices, sensors etc. in order to communicate and access data within seconds. In this scenario of innovation, technology, speed and management the information of extreme size, diversity and complexity is generated every second. But the question is whether this large amount of information is of any use to the business world or the economy? And the answer is clearly a “yes”.

We know that for businesses their customer is the king. Big data which consists of big sets of data and information collected from various sources gives organizations an insight into the needs and requirements of their customers. This helps organizations to drive innovative ideas and bring new products into the market. But to develop effective big data strategies is a big task in itself. Businesses should determine two main dimensions to formulate these strategies. First is to know what the objective of their business is. Second is to explore the sources of information that will lead to attain the objective of business. These dimensions will help the organizations to formulate best strategies to dive in the areas of performance management, data exploration, social analytics and decision making.

Since big data is an emerging business tool, companies must try to educate themselves about and understand the various big data challenges. Today, around 81 percent of companies list “Big data/ Advanced analytics projects” in their top IT priorities but less than half of the big data projects get actually completed. There are planning issues and certain organizational problems that lead to the failure of big data projects. Some of the major problems that need to be resolved are as follows:

1)      Lack of IT planning is a major problem. According to recent surveys, communication gap prevails between IT teams who implement big data projects and other technical teams in an organization that provide insights into current technology needs of clients. This hinders organizations from making the right technology investment decisions in big data projects. So, there is a need to bridge this gap.

2)      Poor management of resources is another reason for failure of big data projects. Therefore, for successful implementation of big data projects, organizations should ensure that there are enough resources available and the resources are timely allocated to these projects.

3)      Lack of expertise is another challenge that should be resolved. Many companies face hard time looking for people with right skills and expertise on big data. To resolve this issue, companies should train their staff on big data skills or work closely with educational institutions offering big data programs.

Initiatives taken by organizations to overcome the challenges of big data can make this concept a huge success in the corporate world. This is just the beginning. Big data will be far more disruptive to business and society in the near future as compared to the previous wave of technology.