Now more than ever, knowledge is power to every type of company that exists. With data increasing at exponential rate every few years, however, it can be difficult to mine all of that data and extract information that is pertinent to your business. It is important to implement effective systems for mining through big data in order to glean the freshest and most helpful information without placing undue stress on employees and staff.
What is Big Data?
The massive influx of new data that is being created is referred to as “big data.” Data is created every time a social media interaction occurs or any other type of information is created using any form of media. In 2012 approximately three zettabytes of data existed, according to International Data Corporation (IDC.) Since that time, data has multiplied at such a fast rate that it is difficult to calculate how much data exists at present. It is estimated that approximately 2.3 zettabytes were being created every day as of 2014.
Challenges to Navigating Big Data
Navigating big data requires the ability to analyze, search, and extract relevant information from data sets. Sets may be large or small and may contain a variety of information or a large amount of information about related topics. Once this information has been analyzed and the relevant information has been extracted, the challenges of navigating big data include storing the information for easy retrieval and sharing. When sharing data, challenges include ensuring privacy of the information and presenting the information in a way that is easy to understand and visually digest.
Benefits of Effective Data Mining Systems
Any business that produces or sells goods or services can use big data mining systems to streamline production and improve marketing tactics. Having an effective system in place to simplify data mining can improve such varied industries as agriculture, healthcare, and robotics. Even government systems can benefit greatly from adopting big data analytics.
Less Labor Dollars Spent
Companies that are using outdated data mining systems or that are relying on employees and staff to perform arduous data mining are wasting labor dollars. Effective data mining systems can be utilized by fewer employees to glean more useful information. This allows employers to redirect employee hours towards tasks that will generate greater revenues or improve customer service.
Productivity Gains
Company or organization productivity may benefit in different ways from implementing big data analytics, depending on the goals of the organization. Big data analytics may allow the organization to review information from a larger sample of relevant databases than would be possible when relying solely on human analysis or less integrated systems. This may allow managers to pinpoint and streamline wasteful processes by viewing a selection of processes used by other companies in the industry. This may also allow companies to accurately benchmark productivity, in turn allowing the company to hold employees to more realistic standards.
Competitive Advantage
Having the right data at the right time is the greatest competitive advantage that a company can have. Being able to identify and fulfill customer needs as they develop can help to place any company at the forefront of its industry. In this information-driven world, it is imperative to have adequate data mining systems in order to gain this competitive advantage.
