Question

1) What is Big Data?
2) What challenges and risks does Big Data present to business?
3) Provide one or more example of the use and benefits of Big Data

Answer 1

1)

Big data is a term that portrays the huge volume of data both structured and unstructured , that immerses a business on an everyday premise. However, it's not the measure of data that is significant. It's how associations deal with the data that is important. Big data can be broke down for bits of knowledge that lead to better choices and vital business moves.

2)

Numerous organizations within the financial services area are exploring different avenues regarding big data and analytics, and despite the fact that they understand that big data can profit their association, many are as yet uncertain how to utilize the information for their potential benefit.

Some of greatest difficulties that organizations face with big data is seeing how to deal with the large volumes of data, arrange it appropriately and afterward increase gainful bits of knowledge from it. big data challenges incorporate storing and analyzing huge, quickly developing, diverse data stores, at that point choosing correctly how to best deal with that data.

With regards to analyzing big data, in the event that organizations don't comprehend the data, and confound it, at that point they hazard producing untrustworthy outcomes. Perhaps the greatest danger is the storing and subsequent future analysis of unstructured information in a manner that creates defective outcomes. Absence of comprehension about what big data analytics can and can't do regularly prompts an over translation of results, for example, an confirmation bias, which is when individuals effectively look for and favor information or proof that affirms their biases while disregarding unfriendly or relieving proof.

3)

Perhaps the best benefit of Big Data is prescient analysis. Big Data analytics tools can anticipate results precisely, subsequently, permitting organizations and associations to settle on better choices, while at the same time advancing their operational efficiencies and decreasing dangers.

By saddling data from social media platforms utilizing Big Data examination tools, organizations around the globe are smoothing out their advanced showcasing techniques to upgrade the general purchaser experience. Big Data gives experiences into the client problem areas and permits organizations to develop their items and administrations.

Big Data analytics could assist organizations with creating more potential customers which would normally mean a lift in income. Organizations are utilizing Big Data analytics apparatuses to see how well their items/administrations are doing on market and how the clients are reacting to them. Along these lines, can see better where to invest their time and cash.