Skip to main content

3 Big Data Challenges Your Business Will Face in 2017

3 Big Data Challenges Your Business Will Face in 2017

One of the biggest challenges companies face is balancing competing demands, such as security versus accessibility, data management, and data mining. These problems are only compounded by the sheer amount of data businesses are collecting; we are collecting masses of data without clear understanding regarding how it is used to improve the bottom line and suffer impaired productivity trying to sort through it all. This isn’t the only problem companies face today. Here are the four Big Data challenges your business will face in 2017.

Data Storage

While computing power doubles about every eighteen months according to Moore’s Law, the amount of data we generate is increasing 40 to 60 percent per year, depending on the business. This is separate from the indexes used to try to track the files where the information is stored and backups of the backups demanded by various government regulations or contractual requirements.
Companies are considering “data lakes” that store masses of data in unstructured formats, but now the problem of finding and converting data to usable information becomes even bigger.

data

Making Use of Data

Data takes the form of raw numbers and entries. Information is what you have when data has meaning attached. Knowledge occurs when you can use information to your benefit and we are throwing so much data at knowledge workers they are struggling to make use of it. Businesses face the challenge of finding people who can mine big data to generate the information knowledge workers need to make good decisions at the time they need it. This is a problem foreseen by management guru Peter Drucker, but at a far greater scale than what he imagined.

This challenge is multiplied by the various locations where data resides and conflicting data formats. And that is why Big Data analytic experts are paid such high salaries. The democratization of predictive analytics could potentially reduce this problem, but that is still in the future for most business cases, since data is becoming both more complex and disparate.

Security

Security is a major problem for big data companies. The cloud storage used to host the masses of data at a low cost per terabyte also gives many different people access. Even when the cloud server is relatively secure, backups and backups of backups to minimize disruption have to be protected and not always are. With the internet of things, security is often a distant third or fourth concern compared to data collection and sharing, though this information can be used against consumers.

Security can also be difficult when recovering lost data. Unfortunately, third-party data recovery services absolutely have to have access to crucial information when performing data recovery. This is why you should only work with SSAE 16 certified data recovery service such as Secure Data Recovery. You should also consult a secure data recovery expert from the start when setting up your databases.

Data storage has long been a problem for companies. Technology has kept up to date, but the internet of things and demands for 100% uptime make this a greater problem. Mining the massive, disparate, scattered and complex data sets to make use of it remains a serious challenge. This is in conjunction with the significant resources necessary to perform data mining. Securing data across many different platforms is an ongoing issue that is all too often neglected.



Comments

Post a Comment

Popular posts from this blog

Your Bill Amounts Are Going To Increase From June 1, 2016

Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act, 1994. Union Finance Minister, Arun Jaitley, in his budget announcements proposed to impose a cess, called the Krishi Kalyan Cess, @ 0.5% on all taxable services. The present rate of service tax will be hiked to 15 per cent from June 1, 2016, from 14.5 per cent. Take a look at what gets expensive:



Phone Bills: Your phone bills are going to go up. So, pay a good 15 per cent now on service tax on phone bills.

Restaurant Bills :If you are dining in a restaurant that already has service tax applicable, you are going to pay more on your eating out. Though 0.5 per cent on a single bill may not mean much, frequent diners may end-up paying a lot during the year.

Travelling: You will have to pay more for air travel, as there is a service tax on tour operators and travel agents.

What is Gold ETF - Gold Bees, Reliance Gold,Kotak Gold

What is Gold Bees or Gold ETF?

Gold ETFs are open-ended mutual fund schemes that will invest the money collected from investors in standard gold bullion (0.995 purity). The investors' holding will be denoted in units, which will be listed on a stock exchange.They provide returns that would closely track the returns from physical gold in the spot market.

An investor can buy and redeem the units either directly from the mutual fund or from the stock exchange.Presently there are many Gold ETFs traded in NSE India. Some of the listed Gold ETFs are GoldBees,Reliance Gold,Kotak Gold,UTI Goldshare



Why choose Gold?
Gold holds its own in any investment evaluation on its strengths as a hedge against inflation, value in the event of political uncertainties and its traditionally negative co-relation with other asset classes such as stocks, fixed income securities and commodities.

The value of goods and services that gold can buy has remained stable unlike currencies that have seen significant…

What is NIFTY BEES - ETF?

NIFTY BEES - is the first ETF (Exchange Traded Fund) in India, which seeks to provide investment returns that closely correspond to the total returns of securities as represented by the S&P CNX Nifty Index. It gives you the most diversified exposure at lowest possible unit size. Approximately value of Nifty bees will be 1/10th value of the prevailing Nifty price.

ETFs are one of the latest financial innovations and any new concept takes time to be known widely. Globally it took more then five to seven years before it could be of any significant size. In India, it was introduced with Rs 21 crore in size , a fraction of the mutual fund industry, it has come far with more than Rs 700 crore in size with six ETFs.




The Nifty BeES also scores over other index funds due to its low tracking error and expense ratio, apart from easier tradeability as it is listed in the NSE. One can also consider doing an SIP in Nifty BeES.

Some of the reasons to invest in Nifty Bees : Investing in Exchange …