"Big data presents significant business opportunities when leveraged properly, yet it also carries significant business and technology risks when it is poorly governed or managed.
For example, big data from websites, call-center applications, smartphone apps, and social media can reveal how your customers behave in diverse situations, thereby enabling modern multichannel marketing. Big data can provide larger data samples that expand existing analytics for risk, fraud, and customer-base segmentation. In an increasingly data-driven business world, big data takes operational analytics and a 360-degree view of customers to a new level. Because big data usually comes from new sources, TDWI Research often refers to it as new data or new big data. The great promise and relevance of new big data is that it can be leveraged in innovative ways to develop new insights, which in turn contribute to organizational growth, competitiveness, and operational excellence.
One of the challenges to achieving these valuable goals is that traditional platforms and tools are not designed for new big data. Without modern tools, technical employees run the risk of failure in key areas such as scalability, data structure diversity, low latency, self-service data access, security, metadata management, and enterprise data standards.
Another challenge is to capture and use big data to create business value but within the guidelines of external regulations and internal policies for data usage, privacy, and security. When these guidelines are not honored and followed, a business runs the risk of compliance violations that can lead to legal issues, fines, customer dissatisfaction, and poor brand loyalty."