The constant flow of data has become so overwhelming that traditional data processing tools cannot keep up. The concept of Big Data describes the ability to collect, analyze, and process large amounts of datasets. From business to governance, from healthcare to education, today the impact of Big Data cuts across our entire global society.
But not everything is a bed of roses. Necessarily, the capacity of Big Data to revolutionize our businesses, institutions, and everyday life brings along many challenges. It has become imperative to understand these challenges. At least if we want to avoid the risk of having valuable things get irrevocably lost in the ever-expanding ocean of data that surrounds us.
What are the biggest Big Data challenges and their solutions?
1. Storage & Processing
The total volume of data stored in the world duplicates every two years. This forces organizations to invest in new technologies -both hardware and software- to be able to keep up with new solutions. This is a significant barrier to entry, especially for smaller organizations.
Partnering with outsourced teams of big data specialists can help companies tackle this particular challenge.
2. Data Quality
One of the most important advantages of big data is that it can significantly improve decision-making. This can be of great impact to organizations. Yet this improvement can only be achieved if the quality of data is good enough.
Keeping data clean, relevant, and accessible may prove enormously challenging. Organizations should not hesitate to put their resources in motion to this end. In fact, data scientists spend most of their time getting data ready to be efficiently used.
3. Security & Privacy
Naturally, the increased collection and storage of data raises major concerns about data security and privacy. Organizations need to take data breaches and cyber attacks very seriously, implementing measures to protect data from misuse and unauthorized access.
This particular challenge is especially crucial for companies in data-sensitive industries such as finance, healthcare, logistics, insurance, and more. Organizations need to make sure data is collected in a responsible and ethical manner. Users should be adequately informed of what data is being collected and what will be its use.
4. Compliance & Governance
Regulatory systems concerning electronic data are becoming more complex and demanding. According to Gartner, almost 2 out of 3 companies declare that data produced by the organization is growing much quicker than they can handle.
To tackle these challenges, companies can use both built-in governance rules and eDiscovery solutions designed to solve the compliance and regulatory needs of the digital era. This challenge is particularly important to cover in information-sensitive industries.
5. Lack of adequate personnel
In an era in which digital technologies determine companies’ ability to thrive, the shortage of labor is an alarming trend that does not seem to be declining. Big data requires specialized skills to manage and analyze effectively. And unsurprisingly, it does not escape the issue of talent scarcity.
Part of this global challenge has been addressed by companies with emerging tech hubs. Outsourcing some of their data science needs is an increasingly used practice, especially by companies in developed countries, since it allows them access to top-notch talent while keeping an eye on cost-saving goals.
While data comes from a lot of different sources, combining all this information to create adequate reporting may prove a major challenge. Yet performing great data analysis and improving business intelligence requires data to be properly integrated.
To avoid analysis inaccuracies, organizations must put together the right set of tools and resources to ensure the data integration process is efficient and accurate.
From benefits to challenges: the importance of expertise to get the most out of Big Data
The main goals of leveraging Big Data technologies are boosting efficiency, reducing costs, improving customer experiences, and enhancing decision-making. All these can certainly be achieved, but in order to do so, you also need the necessary expertise to tackle the main challenges of Big Data.
At this point, no matter the size of your organization, no matter the industry you are part of, Big Data is directly or indirectly affecting your business. At Vanguard X, we are experts at guiding companies through the process of getting the most out of Big Data. Check out our Software Development Services.