EXCLUSIVE BIG DATA ANALYTICS MYTHS DEBUNKED

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2. THE GLOBAL BIG DATA TECHNOLOGY MARKET SIZE WILL BE USD 397.27 BILLION IN 2024 -Fortune Business Insights Big Data is all about the large, diverse sets of information that grow at ever-increasing rates. It encompasses the volume, velocity, and variety of the data points being covered. Big data often comes from data mining and arrives in multiple formats. Nearly, every department in a company can utilize findings from big data analysis, but handling its clutter and noise can pose big problems as well. Looking at the thriving landscape that this pivotal data science aspect has unraveled over the years; Big Data has become necessary for businesses of all sizes. Big data can be collected from publicly shared comments on social networks and websites, voluntarily gathered from personal electronics, and apps, questionnaires, product purchases, and electronic check-ins. Big data is most often stored in computer databases and is analyzed using software specifically designed to handle large, complex data sets. GROWING IMPORTANCE OF BIG DATA Big Data improves business health by enhancing business operations manifold. It offers more personalized service to consumers, improves marketing campaigns, and contributes to highly efficient decision-making. Businesses gain a competitive edge over those who do not utilize big data in their operation. It makes it easier to grow and increase market share multitudinously. Businesses’ big data helps them improve their operations and yield better reach to the audiences. Let us throw some light on the way Big Data plays an elemental role in diverse industries worldwide. PRODUCT DEVELOPMENT Builds predictive models, anticipates customer demands, and reduces risks while introducing new products CUSTOMER EXPERIENCE Facilitates making personalized offers and managing problems proactively DRIVEN INNOVATION Enhances qualitative financial planning and decision-making big-time www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

3. OPERATIONAL EFFICIENCY Facilitates analysis and assessment of production through consumer feedback and anticipates demand MACHINE LEARNING Data can be used to teach computers instead of programming these machines LESS FRAUDULENT ACTIVITIES With easy identification of patterns; it helps keep fraudulent and suspicious activity at bay PREDICTIVE MAINTENANCE Foresees potential issues before they occur, saving on resources and optimizing equipment utilization ADVANTAGES AND DISADVANTAGES OF BIG DATA ADVANTAGES DISADVANTAGES Improved Decision- Making Cost Better Costumer Engagement and Loyalty Privacy Concerns Increase opportunities for social good Data Quality Talent and Staffing needs www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

4. MOST COMMON CHALLENGES OF WORKING WITH BIG DATA Scaling efforts as needed Identifying relevant data types and locations Keeping customers data secure Privacy adherence Sticking to budgets and timelines Finding trusted vendors and service providers BIG DATA ANALYTICS SOFTWARE CLAIMED THE LARGEST MARKET SHARE IN 2023; DUE TO ITS TRANSFORMATIVE IMPACT ON BUSINESS DECISION-MAKING -MarketsandMarkets.com Why Understand the Big Data Myths Related to Businesses and Individuals? Gaining an in-depth understanding of the myths that do the rounds around Big Data is of critical importance. It seems easy to understand how this comprehension shall pivot toward a healthier business landscape and massive gains ahead. TOP 7 BIG DATA MYTHS: EXPLANATION AND BEST PRACTICES REVEALED MYTH1 ANY PROBLEM CAN BE RESOLVED WITH BIG DATA While the big data offers a powerful analytic capability and is not a one-size-fits-all solution. For instance, identifying the consumer churn-out rate in a small online store is not a task. However, sifting and analyzing the purchase history and pattern identification may complicate things. Choosing the right tool is the key and not the size! REALITY www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

5. MYTH2 BIG DATA CAN PREDICT 100% OF FUTURE Big data analytics is not a crystal ball, hanging right in there to bring out what you dream of. Businesses plan intentionally as well as unintentionally when looking at results expected sheets every year. This complete realization of goals and business goals can be facilitated by using the correct information and efficiently targeted tools to predict and realize the future appropriately. REALITY MYTH3 BIG DATA IS ONLY IT TEAMS' RESPONSIBILITY It is a big misconception that implementing big data analytics necessitates an extensive IT infrastructure; that is not suited to small organizations. Cloud computing can easily be democratized to gain access to big data analytics. It does not call for any whopping upfront investments in hardware either. However, possessing qualified and well-trained IT teams in an organization is a really good idea for big data strategies. But this does not mean in any way that IT teams are to be relied upon when thinking of any developmental decision. REALITY MYTH4 BIG DATA WILL TAKE OVER HUMAN JOBS This is an absolute misconception. Companies use big data to enhance their decisions and those tools and techniques may fail at any time. Hence, over-reliance on big data analytics decisions is a big myth. You cannot ignore the power of human decision-making and creative bend. REALITY MYTH5 END-USERS DO NOT NEED DIRECT ACCESS TO BIG DATA With the big shift of data across the company assets, the complexity and diverse data sources can get complicated for employees to deal with. Delivering direct access to the big data to the end users, maybe from the medical or pharmaceutical realm; needs to be catered to bring out targeted data-driven decision-making. REALITY MYTH6 BIG DATA ANALYTICS GUARANTEES INSTANT RESULTS The process of deriving meaningful insights takes time, and organizations must set realistic expectations for the timeline of realizing the full benefits of big data analytics. Patience is the key that shall reap accurate and insightful results that can guarantee ease of business growth. Business organizations must look at big data analytics as a long-term investment; as this requires a large accumulation of data that is further refined with targeted algorithms; revealing in-depth insights and accuracy points. Being a long-term procedure, it shall improve over time. REALITY www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

6. MYTH7 BIG DATA ANALYTICS COMPROMISES DATA SECURITY Prioritizing data privacy and security is of utmost importance for every organization nowadays. Robust encryption, access controls, and compliance measures are integral to a well-designed analytics solution. Organizations can enhance their data security by working with reputable data analytics service providers or hiring certified data scientists to facilitate data-driven decision-making. REALITY THE FUTURE AHEAD … BIG DATA MARKET SIZE REVENUE FORECAST WORLDWIDE FROM 2011 TO 2027 (in billion U.S. Dollars) 120 Market Volume in billion U.S. Dollars 100 80 60 40 20 0 2023 2012 2013 2016 2019 2021 2027 2020 2022 2024 2011 2014 2025 2026 2015 2018 2017 Source: Statista With this promising big data market revenue worldwide for the future years revealed by Statista; it is highly critical to recognize the evolving business environment. Businesses are increasingly leveraging big data for strategic data-driven decision-making. This is where understanding the following trends becomes pivotal. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

7. AI-driven data insights in real time Focus on data visualization IoT and big data integration ESG reporting and data consolidation BIG DATA ANALYTICS TRENDS Industry-specific solutions Data Integration and centralization Ethical considerations and societal impact Quantum computing and big data Democratizing data access Data governance and security Gain an extra special boost in your data science career with the most authentic and in-depth revelation and debunking of big data analytics myths. Attend to the most urgent nuances to be garnered for an advanced career boost with USDSI® Data Science Certifications. www.usdsi.org © Copyright 2024. United States Data Science Institute. All Rights Reserved

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