Big Data can be the aid to the economy in distress

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The world is in doldrums and confusion as these are torrid times as far as the world economy is concerned. After the economic slowdown in 2008, 2019 has gone somewhat to the same pace, this time even affecting the South Asian sub-continent countries. Researchers have shown that the economic growth around the world has weakened to as low as 2.6%. The main reason behind this is unsafe conditions in trade and financial expansions. The next times also don't look much brighter as the growth rate will be 2.7% in the year 2020.

We need to understand the fact that data optimization is and will be the most significant factor in any area of life in the coming years. The emerging and developing economies are performing in a sluggishly as they aren't doing their bit to optimize data and use it to their benefit. We know that the world’s top cryptographers have built encryption that cannot be hacked, but nothing can come on par with Big Data. Moreover, if government organizations and companies try and understand and include Big Data, the economy can get a new life.

Big Data analytics can aid the economy and stop it from going down the hill. The following methods will help in accelerating the aiding process.

@ Forecasting the change, reducing disaster

While everything is uncertain, having a detailed analysis of the uncertainty might help you. If you know about the changes that are going to take place in the future, you could minimize the damages. Big Data Analytics provides you studies about the market changes, the causes so that you could collate them and use to save the business and in the tremendous prospect of the economy. Big Data analytics studies the pattern, which are often missed by the human eye. The prior information can result in actionable deeds that provide sustainable remedies to the government as well as the organizations. Big Data analytics uses machine learning algorithms to predict user buying patterns and changes in the business world. Thus, collaborating it, the communication within the system can be done at a rapid pace, thus ensuring no lags or distortion in between.

@ Compatible with all

The most significant advantage of Big Data Analytics is that it can be used in any kind of organization, irrespective of the size of the company. From the smallest, bootstrapped startups to the biggest of the companies, nothing is too big or too small for Big Data. This flexibility in technology is necessary, as reviving an economy is a wholesome process. It includes companies and organizations from all walks of life. Especially for a developing country, and it becomes essential for the government to have an equal focus on every kind of company to get an all-inclusive development. Businesses should understand that Big Data analytics isn't about having a big set of data within your range. It is about having every information at one place to use it categorically when needed. The report will play a significant role in revolutionizing how businesses perform their functions. It will teach newer ways of customer acquisition, retention, and finding new customers at the same time. The organizations can widen their business horizon and user base as they will already know the patterns or trends that are ruling the world.

@ Using Analysis to the optimal

The Big Data analysis can be a vital cog in deciding economic policies so that there is a necessary change that is needed to make the economy work again. The Analysis will also give the government an idea about happenings around the world. The officials would know trends that are ruling the world and thus can do required changes accordingly. Big Data Analytics works on a wide range of data at multiple levels, thus giving detailed information that is prudent enough for a government to have a clear understanding of the economic situation. The shortcoming of not using Big Data will not only result in delayed information, but the information cannot be considered as comprehensive as well. The erratic data can prove to be a disaster, especially for a growing economy, and the results could be disastrous. We have seen how the American economy collapsed after their first runner bank declared bankruptcy. The consequences of such incidents can be. Big Data Analytics can eradicate the effects of such events drastically.

@ Data: The mitochondria of Global Economy

We live in a world where there is an equal distribution of money, gender discrimination, and environmental risk. Each of the criterions mentioned above should be kept in mind before deciding the economic policy, and Big Data Analytics does just that for a government. Analyzing the economic conditions, it will give data of all the unrecognized firms, organizations who avail their business in black money. So that the government would get the knowledge about the factors it has to consider. The collection of data will be useful in catering decisions related to corporate taxes and liberalizing the economy for foreign investments as well. The stoic data analysis will increase the coordination between businesses, thus helping them to offer better services to clients and customers. It is a fantastic way to completely utilize the finite source of resources and providing new life to a dying economy. The organization will get to know about their business surroundings on a micro level, which will help them in the long run. This method will not only stabilize but will have a positive impact on the mindset of the organization and government. The power of data will also enable the government to take bold decisions as they know the pros and cons and its impact in the long run.

@ Fact-Checking

As there are no loopholes in the Big Data Analytics process, the results are clear facts that will help in taking the economic condition forward. Moreover, eradication of the bogus practices will enhance the financial revival process and fast-track its progress. The real-time availability of data will act as a catalyst in understanding the situation and taking quick, yet thoughtful actions. The scale of implementation of changes depends on the location and will differ from place or place.

Final Take

The torrid times that the economy is going around the world is a worrisome situation. The implementation of Big Data Analytics will help bring the much-needed change and will sustain the growth for a more extended period. The power of data will be the apt ally countering all the ill effects on the economic conditions with tried, tested, and thorough methods.

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Ashish Parmar is the CEO of Prismetric - one of the reliable Mobile App Development Companies in India. An enthusiastic entrepreneur, interested to discuss new app ideas, rich gadget tricks, and trends.