As you know that big data is a collection of huge unstructured and semi structured data. There are different steps for processing big data from data integration to present the results to clients. Big Data processing needs several resources in which you will have to invest money. It needs several hardware, software and human to analyse. We will see the cost for each and every resource in detail below,
Data are now key factors for every sectors and functions in any size of company. Every sector and department couldn’t strike without dealing with data. So, Bigdata is playing an important role in the improvement of a company. The use of Big Data is to retrieve important and useful information from the large amount of unstructured or semi structured data.
Can I outsource big data to vendors? Before going to the answer of this question let us look at the different terms used in this question i.e. ‘Outsource’, ‘Big Data’ and ‘Vendors’.
What is outsourcing? Outsourcing refers to the contracting with another company for business purpose. It can be international and domestic contracts. Sometimes outsourcing also refers to exchange or transfer of employee and assets between different firms. It helps the firms in reduction of cost and improvement in quality.
Master data management also known as MDM is a process of creating and managing all critical data to one file as a single master copy i.e. master data. In a larger organization, there are many different departments. In each department, there are a number of software systems, and each system has a large amount of data to share or to use. Overall a huge amount of data are flowing here and there in the whole organization. All these data need to connect in one file, called a master file that would provide a common point of reference. So, we can say that “Master data is basically a shared master copy of data from different departments such as product, suppliers, employee, and customer used by several applications within an organization”.
Whether you agree or not, you probably need to look at ways to explore big data if you need to sustain in the industry.
Today, there are tens of billions of new Internet-connected devices and these devices send huge amounts of data to cloud or server. And, this data – big data, is a gold mine of information for business.
Small business owner may think that big data is for large companies with big time technology budgets. In reality, it is not. Small business can also stand for big data benefits within available – small budget. A small business needs to look at big data in different perspective as they may not know how to start and where to start or may not know if big data exist in the company.
“Big data is only for Big business.” “For leveraging big data, large investment is needed.”
These are some of the myths about big data by which we often come across. Big data doesn’t mean that it is only for big business – and it is not. As we know that leveraging big data is very vital for companies for sustainable growth. Leveraging big data having countless benefits in smaller companies too. But unfortunately many small companies are missing these benefits of utilizing big data because many of them believe that leveraging big data is too costly. But the reality is often different. For leveraging big data, you don’t need to invest a huge money.
The importance of Big Data is increasing in every passing day. Each and every organization wanted to implement the insight of big data to their business. It is not only applicable to large size of organizations but also for small and medium size companies are also expected to leverage big data for their business to propel growth.
In today’s tough competition, big data analytics is playing a vital role in deciding the winner of the market place. Today’s business is mostly centred on the customers, especially retail sector. So, companies prefer to craft personalized marketing strategy according to the changing behaviour of customers. If ‘Technology’ brought big data concept; then ‘Marketing’ used it most for the organization’s growth.
Big data is not only for technical things. It is having a wide application in different industries. Retail sector’s major growth is dependent on the big data analysis. According to a survey by Gartner — a technology research firm, 64% of the organizations are investing or planning to invest in big data technology.