Introduction
Big data privacy is that term that is mainly used for actual huge statistics series that have a more multifaceted construction in the business. Various privacy protection methods are developed for protecting the data of the customers at different phases. It is important for the company is to focus on maintaining and managing all the required information which is necessary for their future growth and success. This report is based on the “Big Data Privacy for business analytics” and this will also provide various aspects that are related to this topic. Big data concept is generally used by companies where a large capacity of organized and unstructured data is considered effective. it is an effective use in the maintaining of company operations with the help of strategic planning and also assists in making accurate decisions as well. This report will concentrate on the needs, importance, effects, and encounters of big data privacy.
Main Body
Big Data privacy
A time-bound system which is well defined with fixed time constraints is known as the real-time system. The real-time system will fail if the necessary processing is not done in a defined time constraint. Organisations use real-time systems in performing different operations with the assistance of the real-time analytics platform or applications. The real-time analytics platforms are used for extracting useful information and trends from real-time data. These platforms are highly used by the organisations to measure data from real-time by business point of view. The organisations use the best of the received data gained from the real-time analytics platform.
This report discusses big data privacy. The big data refers to a large amount of the data for varied and complex structure in the organisations. The preserve of the privacy of big data is called big data privacy. There are different mechanisms used for the privacy-preserving mechanisms for protecting data. This report discusses the principles, methodologies and applications of the real-time systems. Efficiency, productivity and revenue of big data for global organisations are also discussed. Different aspects, challenges, and solutions for various aspects of big data privacy are discussed in this report.
Business Intelligence and analytics
It is that term which is used for maintaining skills, abilities, technological practices to search and explore the previous years of business performance within an organization. This is an effective use to plan the operations with the help of strategic ways to gain desired goals and targets in a proper manner. This assists in determining and evaluating the business objectives and goals that can be gained by the company as per their collected data and information(Chen, et. al., 2012). An organization needs to focus on its business performance which can develop significant alternatives in business strategy. The business analytics assist in developing new image and also understand the business function with the help of analyzing the data collected. The statistical techniques and tools are used in the business analytics and also formulate the meaning and conclusion by the past year of accumulated information gathered in a better manner.
Importance of Big data privacy
The significance of big data does not revolve around how much such information helps the organization to manage its business functions. Every organization uses these data in their ways, the more they use it effectively so they can gain more potential to grow in a large market place. It is used to secure and save the required data for an organization. It is important for the company is securing the data which is necessary for the business operations and its current functions. Ithelps recognize the root cause of failure and issues in real-time. Through which, the company can easily lead towards its goals and collect necessary information for the organization development(Constantiou, et. al., 2015). The big data allows the businesses in order to analyze and observed the different customers related to the patterns and current trends. Identifying the customers’ attitudes and behavior is essential for the maintaining of loyalty and commitment. There isthe significance of big data privacy which is described as under:
Cost savings – There are certain methods of big data which include Hadoop and Cloud-based analytics can easily carry price benefits to the company when the huge amounts of data are stored. Such tools assist in analyzing the extraeffectivemethods to perform corporate operations.
Understanding the market situation–With the help of examining the big data, the company can get a better evaluation of the current marketing conditions.
Time reductions–It is analyzed that the high speed of methods such as memory analytics and Hadoopcan help in identifying the innovative method of factsthat assists the business to find out the required data. Also, it assists in making accurate decisions of the development of an organization(Kallinikos, et. al., 2015).
Maintaining online goodwill–In this, big data methods can do the sentiment examination. Therefore, the company can easily get the client’s response regarding their services and products. If an organization needs to monitor and make improvement in their online existence they should adopt the big data tools in a better way.
Using Big data analytics to increase customer retention–It is important for the company is to focus on its customers which are most aspect for them. There is no business which can earn profit without the gain the attention of clients and for this; they need to develop a strong base of customers. This is possible when they are providing them satisfying services and fulfill their requirements effectively. The business cannot disregard the huge competition which they are facing in the large market area. If the company is slow in learning about what are the customers’ requirements, then it is easy for them is to offer poor quality based products. As per this result, they do not retain their customers as well as it will create a negative impact on their business operations and its activities (Ketter, et. al., 2015). The big data allows such businesses to analyze different clients associated with trends and patterns so this will help them in developing customer base again.
Use big data analytics to resolve advertisement issues and offer marketinginsights–It is important for the company is to promote its products and services with the assist of advertisement methods. Big data analytics can assist in making changes in all business functions effectively. It mainly includes all the capabilities which match their customers’ demand, alterations in organizational products. Also, the business required to focus on marketing activities that lead to higher development and growth.
Big data privacy benefits
Big data privacy is an essential and substantial in the majority of the companies. The big data privacy helps in the growth and development of the firm and also helps in the achievement of different goals and objectives of the company. There are different aspects in which the privacy of the big data of companies is beneficiary for the company’s growth and development.
Some of the benefits of big data privacy are as follows:
Improved decision making: The confidentiality of the big data maintained by the companies, help in the better conclusion creation for the future projects of the business. The competitors will not be able to take advantage of the leak of the information in the big data analytics. The big data privacy is the prime goal in the path of improved decision constructing for the corporation(Yu, 2016). In working towards the goal of better decision for business, the big data privacy has proved to be the number one and the measurable success rate for the company improved by great range.
Productivity increases: The productivity of the company gets a higher increment because of the disclosure in big data. The big data of the company will not be leaked in the market which will influence the productivity rate of the company. The big data tools help in the analysis of more data and more productivity will be the result. The growth and development of the company will be increased as an influential effect.
Reduce costs: The privacy of big data helps in the reduction of the expenses for the companies. The big data privacy aids in the maximizing of the operational efficiency and reduces costs in the company’s functioning. Many companies use big data analytics for reducing the working expense of the companies. Many companies adopt big data privacy analytics, as a primary goal of reduction in the cost(Yu, 2016).
Customer service improved: The customer services are directly influenced by the data analytics of big data privacy. The customer service will be improved as a benefit for the privacy in the big data of the large enterprises. The privacy in the social media data of consumers and customer relationship management systems help in the improvement of the customer service of the company. The information of the consumers is equal to wealth for the companies. Thus the privacy in big data will improve the customer service facilities and develop the organisation.
Fraud detection: Like the big data is collected by the machines which are capable of handling and detecting the patterns and anomalies. The confidentiality in big data helps in the detection of the fraud or any unauthorized access to the big data. This helps the companies in finding fraudulent activities in the big data. It only allows selective access to the data. This will prevent fraud activities which can hinder the growth and development of the company.
Revenue increases: When the big data privacy will benefit the decision making and the customer service, then the increase in the revenue is a natural result of the precedence activities. The privacy in the big data will influence the revenue share in a positive way for the company. The revenue will be increased in a rate similar to the customer service and decision making for the benefit of the company’s growth and development(Sharma, et. al., 2014).
Agility increased: The business agility will be increased by big data privacy. The organisations and business firms use big data for better alignment for their IT efforts in the business and also use their analytical skills to support the frequent changes in the business tactics and strategies. Thus the privacy of big data of organisation influences the agility of the business positively and helps in the growth and development of the company.
Greater innovation: The innovation in the technology used by the company is a common result of the privacy of big data. The innovation helps in the growth and development of the company on information technology level which can create the path of globalisation for the company. The big data privacy helps in the innovation concept as the privacy maintenance of the big data is not an easy task and need the latest technologies for the job.
Challenges of Big data Privacy
Big data is very common in a large organisation but now it is becoming more and more popular in small and medium organisations because of the cost reduction and ease in managing data. Cloud-based storage is used in the data collection and data mining but these are facing challenges. Some of the challenges are as follows:
Data security: The technologies used for the collection and handling of the data are not designed to handle big data or dynamic data. Breach in the security of big data privacy is the ultimate result(Perera, et. al., 2015). This causes great loss to the company’s reputations and also impact the business of the company. The regular check-in the security of the big data privacy cannot detect any breach in the security. This has overcome as a big challenge in big data privacy.
Protection of transaction logs and data: The transaction logs and data is the big challenge in the big data privacy where the auto-tiering method doesn’t keep a track of the data storage location. The big data privacy needs to manage the transactions of the logs and data which are very important for the company. Any breach in the information regarding the data will create a challenge in the big data privacy(Mehmood, et. al., 2016).
Validation and filtration: Endpoint devices are the main factors for the maintenance of big data. These are necessary for the big data privacy which can create a challenge in the path of the validation and filtration of the input devices. This creates a challenge for the privacy of big data.
Securing distributed framework: There is a lack in the security protections of computational security and other digital assets. These are the challenges that are faced in big data security for the company. The growth and development of the company are influenced by the challenge in big data privacy.
Protection of data in real-time: The protection of the data in real-time is the challenge emerging in the companies. This is influencing the growth and development of the company as well as the data regarding the consumers is also on the stake of being lost. A large amount of data makes the organisation unable to check for the security of the data in the company. This is a great challenge in the security of big data privacy(Yu, 2016).
Protecting authorized communication & encryption: The protection of the authorized communication and encryption of big data privacy is a major challenge. The amount of data being handled is huge; it is difficult for protecting the authorized activities in the company. This will create a challenge for the protection of the communication and encryption methods on the big data privacy of the company.
Data provenance: The awareness of the origin of the data is necessary to classify the data properly. The determination of the data origin can be done by some methods such as authentication, validation and access control over the data. The data provenance is very important in the big data privacy which is nowadays known as a challenge in the big data privacy(McAfee, et. al., 2012). It is an important factor in the respect of big data privacy in the companies which can influence the growth factors and development of the company.
Granular auditing: Identification of cyber-attacks and malicious activities are necessary to be found out. The analysis of logs can be helpful in this information. The lack in the granular auditing of the big data can create a challenge in the path of big data privacy. This will have a direct influential attack on the growth and development process of the company. The hindrance in the functioning of the company will be a challenge in big data.
Effect of Big data Privacy
Big data privacy develops and creates a huge influence on the business analytics that are described as under:
Create awareness–It is important for the company is to develop awareness among customers regarding big data privacy. This is required for a firm is to create a base of clients who are gain knowledge and information about how to gather information from the big data. Also, they use such toolstokeep their private data secure and safe.
More quantity of data–Big data privacy is concentratedon increasing the volume of data while storing and saving important information from the database. Cloud storage and other digital data storage methods are required space for kept such data carefully. Big data reduces the risk factors and increase the chances of safety and security(Mai, 2016). This is important for an organization is to maintain a huge quantity of data which can assist them in determining and considering the various data. This is usually helps used to makingproper decisions which increasesthe goodwill of the company in the market area.
Customer satisfaction–Every business main and the major property is the customers. For them, they are developing various methods and tools which help them in attracting their clients towards their services and products in a proper manner. Along with this, every company mainly focuses on maximizing customer satisfaction through which they can easily develop income and revenue. Big data privacy impacts on the customer satisfaction level in various ways. It concentrates on positioned the accuracy of data and information, eliminate duplication, and restricted defective data that are creating issues and problems. It is helpful in big data business analytics as per this company can determine and evaluate such goods that provide them less profitability. For this, they are work on making changes and develop some new products according to the requirements of potential customers(Manyika, et. al., 2011). With the assistance of this tool, the company can analyze their desired clients’ preferences and choices as per this they are required to make changes in their existing products or services. This will help in increasing the satisfaction level of the customers.
Personalized recommendation–Big data privacy affects to apply the personalized suggestion given to the team members on their various issues. It is essential for the company is to develop effective and required changes in the formation of the team, making strategic planning and development of the structure. As these are helpful for management in order to make certain alterations that are beneficial for attaining growth.
Conclusion
According to the above-mentioned report, it can be concluded that big data privacy is an important method for the business which help them in developing appropriate decision. It is the process that assists in maintaining private data of customers securely and safely. big data privacy delivers various benefits to the company which helps them in increasing profitability and income. There are some challenges are arising which will create issues and problems for the business related to big data privacy so they need to develop a strategy to resolve such. This is required for the company is to concentrate on analyzing the effects of big data privacy that can make changes in the business procedures and systems.
References
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