Beauty and the Beast: Pros and Cons of Big Data Analytics
You won’t find too many people – experts or mere spectators – spewing bad voodoo on big data analytics. It’s all the rage in the world of IT and one of the hottest trends in business. While this global phenomenon would appear to be incapable of doing any wrong, the very nature of the beast warrants some concern. To be honest, there are both advantages and disadvantages to big data analytics.
Big data analytics is not solely designed for IT companies. Its rich insights are not limited to marketing firms. On the contrary, it is a cross-industry revolution that can benefit all who tap into it. Doctors use it to provide better healthcare to patients. Government agencies use it to strengthen national security. By uncovering trends, preferences, and correlations in information, big data analytics can accommodate just about any need.
Manageable Data Management
You think keeping up with all your personal documents, photos, and videos is a chore. Just imagine the organization with an influx of information coming from customer databases, website transactions, social media interactions and other sources. Big data analytics simplifies data management from collection to storage, due in large part to its ability to automate numerous manual processes. While it helps to have knowledgeable analysts on the job, the right software can do a lot of the heavy lifting.
As is, most data is useless, numbers and values with the occasional expression mixed in. The best of big data analytics aims to make sense of the gibberish. Data is much easier to read and grasp when packaged in user-friendly charts and graphs. The enhanced focus on visualization has played a huge hand in the rise of big data.
There’s no big data without big storage. The software systems at the core of this robust trend are made to store and process oodles of information. Some service providers go the extra mile by supporting the capacity needs of their clients in physical scale. Between the server clusters and cloud access, the right solution can evolve with the growth of your business by continually supplying the storage and processing power you require.
Shortage of Skillset
You’ll need more than awesome software to benefit from big data. You also need a very specific skillset. A team of data scientists, analysts, and engineers are typically needed to define the collection standards and metrics that allow you to extract the most value from those informational assets. But securing them isn’t easy. With the corporate powerhouses heavily recruiting the top talent, finding people who possess this essential skillset has become much harder.
Consumer Privacy Concerns
Big data is surely thriving, but privacy may be the barrier in the path of full-on mainstream acceptance. Organizations with aspirations of cashing in on the business opportunities must proceed with caution. In addition to being transparent about what data you’re using and how you’re using it, you want to make sure the information at your disposal is safeguarded at all times. A breach that compromises customer or company data can have catastrophic results.
In your opinion, what are the strong suites of big data analytics? What are its weaknesses? Let’s talk about it.