With the advent of the Internet Age, many businesses have built websites. These websites cater to a clientele that finds the internet as a better alternative. The internet, among other things, provides cheap and easy to access services to a broader range of clients. Many entrepreneurs have jumped on the bandwagon of the gold rush of the internet, creating websites and mobile apps. These provide services; ranging from ride sharing to messaging to online retail stores.
To meet the demands of their repeat customers, online businesses record their customer data, as well as sales preferences on databases. Due to the size of the data, it has to be stored in data warehouses, using a network of servers to manage it. This data is helpful in suggesting a set of services and products in which a particular customer might be interested. The online businesses analyze the data, using a science called Big Data Analytics to analyze the customer’s preferences.
Big Data Analytics is the science of using advanced analytical methods to crack an extensive, diverse data (“What is big data analytics? ” 2017). The data may contain different type; like streaming/batch and structured/unstructured, and various sizes. Big Data refers to data that is far from being managed and processed by traditional databases. It can come from multiple sources; like social media, log files, transactional applications, online retail stores, etc.
Owing to its vast and varied usage, Big Data has many advantages as well as disadvantages (“Big Data pros and cons,” n.d.).
As its name suggests, Big Data has almost unlimited storage capacity for the massive amount of data. It can be accessed through the internet, from any place on Earth, through any device that has internet available on it. And, it can be obtained at high speeds, thanks to the latest technologies available. Big data is most useful for the valuable information it provides for its customers to potential clients.
Where it has many advantages, it also has a few disadvantages. Big Data may sometimes provide us with irrelevant information, and it may be up to us, to separate the required information. Furthermore, security is a significant issue. Big Data may not provide high protection, and privacy and information might be leaked easily to cause harm to individuals.
The advantages of Big Data seem to show a rosy picture. It appears that using Big Data Analytics may be an excellent option to conclude customer preferences. The technique helps a lot in decision making. Notably, the companies that thrive on customer response require Big Data Analytics. There is also a tool called Accounting Intelligence Systems (AIS) (Staff, 2010). This device uses Big Data Analytics to analyze accounting related data and decide on the financial health of a company. Itclearly means that Big Data is used in a variety of fields for the benefits it offers.
Big Data pros and cons. (n.d.). Retrieved October 10, 2017, from https://onthe.io/learn/en/category/analytic/Advantages-and-disadvantages-of-Big-Data-analytics
Staff, I. (2010, November 14). Accounting Information System – AIS. Retrieved October 10, 2017, from http://www.investopedia.com/terms/a/accounting-information-system-ais.asp
What is big data analytics? – IBM Analytics. (2017, January 12). Retrieved October 10, 2017, from //www.ibm.com/analytics/us/en/technology/hadoop/big-data-analytics/