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Overcoming the challenges of big data
Big data is an innovation that businesses can use to drive competitive advantage. But the value of big data lies in the insights that your business can draw from it, rather than in the information itself.
Big data refers to the huge and increasing volume of the data available, and the ways it can be processed. Data comes in many forms, structured or unstructured, and it may be generated by organizations themselves or obtained from third parties.
Analytics is the means for extracting value from this data by generating useful insights. Without analytics, businesses have no way of using their big data to establish competitive advantage.
Issues and risks
Your business needs to overcome practical problems like the shortage of people with the technical skills to generate insights, and strategic challenges such as implementing big data adoption across the organization.
There are also serious legal and regulatory risks around issues as data privacy that can result in breach of trust. Most consumers do not want companies to share personal information, and many say that they are less willing to share personal information in the future.
For real value from big data, you need a holistic and strategic plan for identifying the opportunities, overcoming the hurdles and managing risks.