3 Most Important Things Startups Need to Understand About Big Data in 2019
The Big Data is the huge quantity of data that are either in an unstructured or a structured form. Nowadays, data is getting generated from all the industries whether they are big or small. These data contain information that any company can use to their advantage. Big Data produces huge sets of data which are so complex that the traditional method of data processing will prove to be futile to manage them.
The Big Data trail after a 3V model:
- High Velocity
- High Variety, and
- High Volume
The Big Data Services Company uses technologies to interpret these data and help them to stay on top. Earlier, only the big companies could use the technologies that were needed Big Data Analysis. That is why the concept of big data solutions had not gained so much popularity. But now, business organizations have learned how important Big Data Services and Big data Analysis is for securing the future of their business. That is why the big data has developed at such a pace.
The information that the big data consulting companies gather from the structured data will no doubt improve their business, but they might encounter certain problems from the unstructured data for which they have to remain vigilant. Although there are certain pitfalls to big data, one cannot deny how important they are to the running of businesses. Here are three important things that the startups need to bear in mind about Big Data in 2019.
1. Cybercrime is a Huge Threat for Them
The problem of cybercrime has been on the rise for many years now, and nobody is safe from them. The increase in the number of ransomware and the data breach problem poses as a large threat to business all around the world. Being a startup farm, your number one priority should be to protect your data. Even if you do not have a lot of, to begin with, you must not take the matter of data security lightly and set a budget aside to secure your data.
You will have to find out the areas, which might lead to infringement of your data, and try to sort out the problem from its roots. You will have to think about the kind of data that you will be collecting; how much your returns are going to amount to; the size of your inventory; the information of your customers; and the average amount of your transaction. There is a limit on the amount of money that you can lose if there a malicious attack is made on the data. You can lose money if you are not careful with the details of your customers. When you are setting funds aside for securing your data, you will have to consider these points.
Startups often suffer from the dilemma of how much money to spend on data security purpose. They want to keep their data secure but do not wish to diminish their funds for other purposes. But there is a simple alternative that can provide help to you. There are a lot of third-party server developers; choose the ones who have a good reputation. Once you have enough means to do this on your own, you can hire someone who can provide the security.
2. Hire Employees with Big Data Knowledge
Big Data Services are necessary for every level of operations; it is useful for recruiting, collecting user experience data, and for customer services. It is not only necessary for companie s who deal with analytics and logistics, but also for companies who do any kind of business. So whatever business your startup is doing, you will need employees who have the basic knowledge of data integration solutions and big data analysis. It will be useful when you decide to expand your company at a later stage. Your startup can grow into a Big Data Solutions Company if you have the right set of people working for you.
Data literacy is not about knowing the correct programming languages, software, or tools; it is about an overall knowledge of the datasets and the ability to distinguish the ones that are important from the ones that are not. Your employees need to connect the insightful data that they have gathered to form the bigger picture that will be useful to determine the course of your company’s trajectory. In short, it will be productive if you have employees who can judge the result by looking at the data.
3. Humanizing Data System
Unlike a Big Data Consulting Companies, you might have limited knowledge of the Big Data Services and Big Data Analysis while you are setting up your business. The BI or business intelligence system can “humanize” the complex datasets so that you can understand them and set your goals. The humanizing data can help you to understand the outcome easily. It will answer all your questions and will also help you to establish a context.
Many companies are choosing the NLP (Natural Language Processing) program as it helps them to understand the correct meaning of the collected data. The aim is to comprehend the context that appears in the report to dissolve all the uncertainty that the user might feel. As time passes, the NLP programs aided by machine learning will be able to obtain an in-depth knowledge of the data of any machine learning development company and produce the answers that are required. It will give regular users access to knowledge that would otherwise be impossible for them to get. The superior BI system will help the startups to perform better even when there is a scarcity of resources.
There are a huge number of things that you have to understand before you decide to start your business. If you do not understand the concept of Big Data, you will have to perform a lot of research to know it. Since you do not have resources like a Big Data Services Company, you will have to do this on your own. Once you know how to use it, it will help you to reduce your risks, improve your efficiency, and will play a crucial role to help you stay in the competition in the long run. Also Read How Big Data Benefits Businesses .
- High Velocity
- High Variety, and
- High Volume