Nowadays, no organization can work in the absence of data. Every second, a huge amount of data is generated from sales figures, business transactions, and customer logs that work as fuel to drive the company. This data is packed up into a huge dataset, which is called Big Data. When it comes to decision-making, companies are required to analyze this data, which is again a challenging task for any organization.
With Big Data Analytics services, you can examine a huge set of data to bring out actionable insights in terms of market trends, correlations, customer preferences, and other important information. There are many companies in the market that have been engaged in providing Big Data consulting services to help businesses in identifying and prioritize analytics to achieve their business goals.
Why Is Big Data Analytics Implementation Important?
With Big Data Analytics solutions, companies can leverage the data to explore new opportunities, streamline their operations, improve strategic decision-making and satisfy customers. Some of the key benefits that show Why is Big Data Analytics Important for companies are:-
Big Data Technologies such as Cloud-based Analytics and Hadoop prove beneficial in storing, processing, and analyzing a large set of data as well as helpful in identifying efficient and cost-savvy ways of running your business. The cost reduction advantage of Big Data can be explained with the logistics industry example.
Generally, the cost of product returns is 1.5 times greater than normal shipping costs. With Big Data Analytics, companies can reduce their product return cost by predicting the likely reasons for product return. It helps companies to make smart decisions in a timely manner, which reduces product returns.
By combining the high speed of Hadoop and in-memory analytics with the ability to analyze new sources of data, organizations can quickly analyze the information and make decisions accordingly.
For new products and services
With Big Data Analytics, companies can easily create a roadmap for their new products and services on the basis of customer’s needs and preferences.
Data-driven decision making
When an organization has the availability of voluminous data, it becomes easy to make a strategic decision based on evidence-based analysis rather than intuition. It makes sense to evaluate opportunities on the basis of potential cost reduction and revenue growth. With new solutions, companies can discover new opportunities and find the areas that bring better outcomes for their future investments.
Big Data’s Critical Challenges and Solutions
Many companies face difficulties in Big Data Analytics Implementation because they are not aware of Big Data challenges. Here we are giving an overview of some key challenges that come with Big Data Analytics with a solution.
When it comes to using the latest technologies and extensive data tools, you need to hire skilled and knowledgeable data professionals. Big data professionals like data scientists, data engineers, and data analysts have a good understanding of tools and know how to work with giant data sets. Today, many companies are facing the problem of a lack of massive data professionals. The new data handling tools are rapidly introduced to the market, but it is difficult to find professionals who can work on them. Companies must take the right steps to resolve this vital Big Data challenge.
For this, companies should pay attention to hiring a skilled team of professionals to handle the Big Data. They should take the initiative in upgrading the technical skills of their employees. Organize training programs and workshops for your technical team and ensure that they can use them in the best way. If you aren’t able to improve your in-house team’s skills, then hiring a professional strategic partner can prove beneficial for you. Keep in mind that you know your business in a better way in terms of data, like what data you collect and what type of data you store. So, you should first identify the key issues in your business and then search for a skilled Big Data Analytics implementation Consulting Company to resolve those problems successfully.
Lack of coordination
Data analytics generally fails because of poorly focused initiatives where no one takes accountability. Standalone business or IT teams who have less knowledge miss the step and take misinformed decisions that create issues with Big Data implementation. No matter what brilliant strategy you follow, in the absence of proper coordination, it will all be wasted. Even so, the inappropriate approaches to data management make it difficult to understand what data is available at the organizational level. This type of Big Data implementation challenge means your company has no visibility of its data assets and receives wrong information from junk data, which also increases the security and privacy risks. It also leads to a waste of money because the data is processed without any business value and no one is taking responsibility for it.
A centralized role like the chief data officer can be taken by a senior data master or by the chief information officer who has always been a perfect fit for it. They should be responsible for making strict rules for data governance and ensuring they are followed for data projects. In fact, they should be responsible, not only for implementing best practices within the organization but also for helping others to learn more about how to apply them.
Apart from that, creating data centers or teams is another good idea to resolve this problem. It includes a team of data engineers, data analysts, and data stewards who take responsibility for building the company’s data architecture and ensuring the consistent processing of data. They also support resolving coordination issues that come with Big Data.
Data Security and Integrity
Another major issue with Big Data is data security and integrity. There are various channels and interconnecting nodes present that increase the risk of hacking any vulnerable system. At the same time, any minor mistake with the data can also lead to huge losses and other problems. Therefore, organizations should pay attention to implementing the best security practices for handling their data.
For this problem, organizations are required to prioritize their security network to handle Big Data. You need to handle the data security and integrity aspects from the early stages of system development. This helps you avoid the risk of having huge data breaches. Also, as new technologies are inevitably introduced, it is more important than ever for organizations to adhere to robust data security standards in order to stay competitive in the current environment.
Confusion While Choosing Big Data Tools
Companies are generally confused or unable to make a decision when choosing the best tool for Big Data Analysis and storage. Whether Hadoop MapReduce will work well or Spark be a better option for data storage. These types of questions confuse companies to the point where they are unable to make the right decision and end up selecting inappropriate technology. This only leads to a waste of money, time, and effort.
To get the solution, you need to approach professionals who understand these tools. You can hire a Big Data Consulting Company like Ksolves which can recommend you the best tools according to your company’s needs. The Big Data consulting service provider has a good understanding and they can advise you to choose the right tools that work for your strategy.
Big Data Handling Costs
The whole process of Big Data management, starting from the adoption stage, cost you very expensive. For example, if you are planning to choose an on-premises solution, then you should be prepared to spend money on new hardware, recruitment for administrators, developers, and more. Also, you need to spend on developing, setting up, configuring, and maintenance of new software, even if you are using open source frameworks.
On the other hand, if you go with a cloud-based solution, then you have to spend on hiring new staff, cloud services, and development as well as meet the other associated costs that come with development setup and framework maintenance. In short, whether organizations choose a cloud-based or on-premises Big Data solution, they need to be prepared for future expansion.
Saving your company’s money is directly dependent on the key goals of your business and technological needs. For example, if your organization needs flexibility, then cloud-based Big Data solutions are the ideal choice for you. On the other hand, companies that have key security requirements do not prefer an on-premises solution. Organizations have the option of hybrid solutions where they can keep the data part and process in the cloud. It can prove a cost-effective solution to some extent. Even if you correctly approach optimizing the Data Lakes and algorithms, then it also helps in saving money. In short, to save costs on managing Big Data, you need to first analyze your company’s requirements and set the right course of action for them.
Big Data is one of the most efficient ways to analyze large data sets to draw better insights. It has great potential to improve your business campaigns and strategies by using those insights. However, for this, you need to understand the key challenges of Big Data implementation with their solutions.
If you also want to implement Big Data analytics to analyze and manage your business, then Ksolves can help you by providing the best Big Data solutions. As one of the best Big Data Analytics implementation Consulting companies, we can deliver the best Big Data Solutions to address your specific business challenges while also complementing your organization’s infrastructure and architecture.