Leveraging Big Data for Enhanced Business Values

Abstract

In today's age of globalization and internalization, precise and meaningful data plays a fundamental role in making crucial decisions across every strata of business, whether it is associated with human resource or sales or production or marketing or for any other field. For example, Apple, Facebook, Twitters and others know the next emerging trend in the market and transmute its strategies to adapt to the recent trends. All these multi-billionaire giants have the power of analysing the myriad of data flowing in from sundry of sources like social media, market trends, past annals and lot more. They are all accoutred with the most-indispensable tool in current globalized economy, "The BIG DATA. " It refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyse. With the advent of Big Data, the business houses now can capture various trends in the market with minimal cost incurred. It had helped individuals as well as the organization to make proper decisions and increase the base of their operations by targeting the apt customers for the business. Big Data is playing a pivotal role in transfiguring the business decisions. On the other side, there are numerous challenges presented by the 'Big Data," like security and privacy issues, infrastructure failure, and others. Thus, this paper presents the concept of Big Data, opportunities derived by companies using cases, and challenges related to Big Data. Since, Big Data is in its embryological phase; this paper will provide a snapshot to the scholar for future research in this field.