The most alluring aspect of Big Data from the point of view of the consumer is the fact is that it will push forward breakthroughs in products and services. With unprecedented productivity and consumer surplus, the retailers will be able to garner benefits without additional cost to the consumer. The operating margin can be as high as 60%. The figures might appear other worldly, but it has the potential to improve the economy to such an extent.
Though Big Data’s effectiveness is observed over all major and minor sectors, there are a select few categories which stand to gain more than the others. Among these are the public sector, the IT industry encapsulating all computer and electronic products, the finance and insurance industries, and last but not the least, the banking industry.
Of the various implications and the possibilities that come with Big Data, five beneficial ways pertaining to creating value can be outlined. They are as follows:
- It can prove to be a tremendous savior by invoking transparency in information. This will make information easily accessible at a greater frequency.
- Enterprises keeping their transactions and inventory on digital storage will be able to calculate effectively better performance reports on all criteria. This can help unearth hidden variability and managerial work which can be simplified, hence increasing efficiency. This can also assist in trend analysis, forecasting the path a tumultuous market may follow.
- It facilitates custom-fit and precisely narrows down analysis of a customer, effectively enabling the management to grasp the market demand with clarity to fabricate exclusively designed products and/or services.
- An in depth analysis of the past trends in Big Data can lead to an empowered management. The decision making will resultantly be enhanced and benefit the institution while it tries to reach its goals.
- Big Data will effectively push the boundaries of what we deem possible and could trigger the innovation and creation of a completely new generation of products and services worldwide.
Considering the above, it is inevitably imminent that Big Data usage will soon begin to define the competitive and value conversion capabilities among individual firms. It is this very factor which demands that all companies, small or big, should start taking this revolution seriously. A considerable majority of major companies has already begun adapting to this revolution and has developed various data-driven stratagems in order to complete effectively.
Different Viewpoints Arise
One imminent threat in the efforts to handle and harness Big Data is going to be a possible shortage of skilled manpower and imaginative talent that can cater to the needs of dealing with this huge ocean of information. Predictions claim that, before 2020, the major economies all over the world may be hit by this drought of adequate personnel. The objective to develop a dedicated pool of professional talent exclusively for this purpose should begin now.
The growing speculation over the new meanings of privacy and sharing in the world post the Big Data revolution has sparked many discussions. But the undeniable benefits that it has to offer are a counterbalance to this concern and the varying degree of opinions.