Big data, is known as the collected large volume of structured or unstructured data that can be used to store, analyze or manage a set of technologies for more efficiency. Although Big Data is essential for any large company to stay competitive and up to date, there are hidden costs to be aware of. Take a look at the list below:
Networking Data costs
The cost of data communication over the internet is alternatively low relative to the real cost of it. But when a company is dealing with Petabytes and Exabytes of data the cost could be significantly increased.
Unnecessary Data Backups
When working with a large volume of Big Data, either structured or not, frequently backing up the data is imperative to avoid the obvious disaster. Implementing an efficient disaster recovery plan is a must in order to avoid losing data should a crash occur – this certainly is not somewhere organizations should be frugal.
Ongoing Data Movement
Due to the enormous volume of Data and the continuous change of IT infrastructure, you need to be sure that you transfer all your data safely without jolting the performance of your sources. Some of the known data movement methods are data replication, cloud data warehousing, hybrid data movement, data archiving. You will certainly need to look into which suits your objectives.
“Quality over Quantity” is a well-known concept but in big Data, we need “Quality & Quantity.” Despite the huge volume of data, it is also important to consider data quality as it may lead to inaccurate data algorithms. Poor quality of data will increase data management costs!
Human capital is always the main resource in our industry – dealing with Big Data requires professionals in order to avoid any unnecessary additional costs. For Example, Data Scientists, Data Engineers, Data Analysts, Data Architects. Solid contractors can be expensive, but well worth the cost – make sure you know the skill set and required objectives you need so you hire efficiently.
Big Data is known for its volume, velocity, variety, veracity, and value. For maintaining security, you can use encryption, user access control, and centralized key management.
The above costs are near impossible to avoid and necessary when successfully working with Big Data. Being considerate of them earlier rather than later could truly facilitate smooth and sustainable advancements within your organization. Should you have any specific questions related to the above, feel free to reach out to firstname.lastname@example.org and we’d be happy to assist!