The Quagmire of ‘Big Data’
August 05, 2016 | Data, Big Data, Identity Thefts, Insiders, Data Security, Malicious Insiders
Gaining competitive advantage over business rivals remains as the topmost concern for any business. To do this, organizations ceaselessly work to improve all business areas. Bringing new products into the market, driving innovation in existing products and services, and exploring new markets-- act as the growth-drivers for any company looking to grow.
Rapid digitization of businesses alters the equation though. Today, internet touches every aspect of our day-to-day lives. As a result, the world has transformed into a data-driven economy.
More the data companies have, higher the chance that managements show improved analytical and implementation capabilities. The quest for more real-time data yielded an innovation, known as ‘big data’.
Thanks to the technology, companies are now capable of absorbing and analyzing a large set of data, allowing them to study trends and patterns in the industry.
Medical science benefited immensely through big data analytics as well. Doctors can now find out whether an operation offers the best solution for a cancer patient by evaluating the data of large numbers of patients suffering from cancer.
But let’s turn back our attention towards big data from a business perspective. Big data, although make managers and decision makers’ life easy as the technology allows to quickly interpret a large pool of data, too much information can sometimes prove counterproductive.
Let’s, consider a home-furnishing retailer, operating in many international markets. A peak holiday season in market ‘A’ sees a sharp jump in demand for a particular kind of furnishings. Encouraged by the demand for their products, the company decides to bring these products into market ‘B’, after scanning over big data using parameters such as similar demography, competition, and purchasing power. But does that guarantee a success? What if the two markets are different culturally? What might work in the U.S. may not necessarily appeal people in India.
Big data analysis, likewise, can also help multinational manufacturers to study which plants or factories are the most productive and efficient. But what it might not show is whether the discrepancies are due to lower morale of employees and or other constraints in a particular plant/s.
And finally, what if your big data is not secured. Data is now the most prized asset for any business. It’s a new hot commodity in the world of cyberspace. It sells. We are witnessing a high number of data breaches and identity thefts because malefactors—malicious insiders or cyber-frauds—stand to gain financially by getting hold of a highly classified information.
This article does not want to prove that big data might land companies in trouble but managements would do well if they could mix traditional decision-making with the technology; but more importantly, they need to make sure critical IT assets are secured.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
Need a solution for safeguarding critical IT assets? Please contact us