Big data is a term used to refer to data sets that are too large or complex for traditional processing application software to adequately deal with. Data with many cases offer greater statistical power, while is with higher complexity may lead to a higher false discovery rate. there are many advantages and disadvantages of it we will discuss as follow.
Advantages of Big Data
The importance of it leads to intense competition and increased demand for big data professionals. here we will discuss the advantages of it.
Cost Savings The implementation of Real-Time Analytics tools may be expensive, it will eventually save a lot of money. Some tools of it like Hadoop and Cloud-Based Analytics can bring cost advantages to business when large amounts of data are to be stored and these tools also help in identifying more efficient ways of doing business.
Time Reductions The high speed of tools like Hadoop and in-memory analytics can easily identify new sources of data which helps businesses analysis immediately and make quick decisions based on the learnings.
Better sales insights, which could lead to additional revenue. Real-time analytics tell exactly how your sales are doing and in case an internet retailer sees that a product is doing extremely well, it can take action to prevent missing out or losing revenue.
Control online reputation tools can do sentiment analysis. Therefore, you can get feedback about who is saying what about your company. If you want to monitor and improve the online presence of your business, then, tools can help in all this.
Understand the market conditions By analysis you can get a better understanding of current market conditions. For example, by analyzing customers’ purchasing behaviors, a company can find out the products that are sold the most and produce products according to this trend. By this, it can get ahead of its competitors.
Increased productivity Modern tools are allowing analysts to analyze more data, more quickly, which increases their personal productivity. In addition, the insights gained from that analytics often allow organizations to increase productivity more broadly throughout the company.
Fraud detection One of the big advantages of analytics systems that rely on machine learning is that they are excellent at detecting patterns and anomalies. These abilities can give banks and credit card companies the ability to spot stolen credit cards or fraudulent purchases, often before the cardholder even knows that something is wrong.
Disadvantages of Big Data
Despite the importance of big data, it has many disadvantages we will discuss as follow.
Need for talented scientists and experts are among the most highly coveted and highly paid workers in the IT field. respondents ranked skills and staff as the second biggest challenge when creating a data lake. Hiring or training staff can increase costs considerably, and the process of acquiring skills can take considerable time.
Incompatible tools Hadoop is the most commonly used tool for analytics. However, the standard version of Hadoop is not currently able to handle real-time analysis.
Correlation Errors A common technique used to analyze Big Data is to draw correlations by linking one variable to another to form a pattern. their correlations may not always stand for anything substantial or meaningful. In fact, just because two variables are linked or correlated does not imply that an instrumental relationship is present between them. In short, correlation does not always imply causation.
Costs Many of today’s tools rely on open source technology, which dramatically reduces software costs, but enterprises still face significant expenses related to staffing, hardware, maintenance, and related services. It’s not uncommon for big data analytics initiatives to run significantly over budget and to take more time to deploy than IT managers had originally anticipated.
Security and Privacy ConcernsThough it may seem ironic since we already mentioned safety and security as an advantage for Big Data, it is important to understand that although Big Data analytics allows you to find fraudulent attempts, the framework itself is prone to a data breach as is the case with many technological undertakings.