What is Big Data?

Big Data refers to the accumulation of an enormous amount of data for study. This sounds simple but the large volume of data that is generated minute by minute is what has made Big Data more than just a set of statistical techniques and digital tools for its study.

Today, the generation and flow of information is gigantic and constant. This information comes from almost every aspect of our daily lives, such as the purchases we make, the pages we visit, the trips, the sites we frequent, etc.

All this information is vital for both companies and governments since the correct reading of the data leads to the solution of problems or the achievement of objectives, therefore, the optimal management of this data is crucial.

However, this science is still developing, so there are not only advantages of its use, but also areas of opportunity to be considered. Let’s look at these strengths and weaknesses of Big Data.

Advantages of Big Data

• Timely decisions. Thanks to the speed with which this data can be processed, decision making is equally expedited, increasing the room for maneuver, and decreasing potential losses in the strategies that are implemented.
• Audience knowledge and loyalty building. Through Big Data, it is possible to monitor the customer closely and accurately: trends, frequencies, tastes, habits and needs. This facilitates the personalization of marketing and the creation of customer loyalty.
• Immediate results and feedback. Since the information flows in real time and the processes for analyzing this Big Data can be automated, it is possible to have the results of these analyses in real time. This gives the opportunity for feedback to be practically immediate as well.
• Differentiating technology and a market with a future. Today the use of Big Data has been a differentiator that contributes to the success of companies. This implies that more and more companies are investing more in the development of their data science, generating an apogee today in the market with a view to a sustained expansion into the future.

Disadvantages of Big Data

• Data quality and quantity. The large generation of information leads to two fundamental problems. Firstly, the enormous volume and constant increase in the amount of data makes it difficult to study and causes rapid obsolescence of software, which is quickly overwhelmed by its data processing capacity.
• Secondly, the data is varied and not all of it is useful for a defined purpose, which results in junk data that takes up space and generates the need to purge it.
• Lack of trained personnel. As a developing science with an expanding market, there is still a lack of qualified experts to meet the needs of this market.
• Cybersecurity and data protection policies. With the increasing interest of companies to measure their KPI’s using our data, governments must constantly update policies on the use that these companies will make of consumer data.
• In addition, the fact that various companies of all kinds have a large reservoir of data, including financial data, makes them potential targets for cyber-attacks with the purpose of extracting all that information from their users.
• High costs. Being a science in constant evolution and with the objective of processing larger and larger volumes of information, the cost of its implementation is so high that only large companies can maintain the investment in the development of their Big Data techniques.

It is a developing science, it is an expanding market with a great future, it is a daily reality, so much so that sometimes we take it for granted, it is called Big Data and it is becoming essential. Knowing it and being aware of its pros and cons is now a necessity.