The big floods of data in corporations have made evaluating and analyzing easy which has led to the advancements and has given an upper hand in various business strategies. Using an analytical way of decision making minimizes risk which leads to more profit generation (McCafferty). The market of big data is advancing and progressing as faster than ever which has led to both challenges to counter unstructured and structured one while giving numerous opportunities to make advancements like never before. It has given the opportunity to advance at corporate levels where information technology is used as a viable tool to progress and make amends in the present strategies.
Data mining is a big question when it comes to it because seeking the right type of information and manipulating it accordingly is necessary. Agreeing with the point that mixing new data with old data and then utilizing it for analytical purposes will lead to far better progress at the institutional level but this can also have a negative impact if misused or not properly used to gain results that are incorrect. Incorrect results lead to wrong decision making which then has an impact on the organization overall and its reputation can deteriorate heavily.
The harnessing of big data is a major challenge since not many organizations know what to do with big sets of information and how to decrypt it accordingly. Where it is necessary to get proper information technology professionals to decode the algorithms it is also necessary to double-check it for errors because a single mistake can lead to crucial circumstances. Thus, the appropriate implementation of big data can open vast gates of opportunity for the organizations to progress and if used in a manner that is wrong or misinterpreted, it can have devastating effects which may lead to other crucial acts (Greengard).
Big data plays a vital role in business decision making since facts based on statistical analysis can be found to be very effective when it comes to making progress.
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