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Problems With Big Data that Organizations Fail to Notice

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Problems With Big Data that Organizations Fail to Notice


Problems with big data have been around for a while, and several organizations haven’t noticed them.

It’s about time that companies take note of big data issues and find suitable solutions to these problems.

Big data is known as the information that arrives from numerous sources. Another striking feature of this information is it is prone to continuous change. Today, most companies hold immense volumes of classified data. Analyzing this data can help businesses with actionable insights that help improve their decision-making. Upon analysis, data offers varying insights on market trends, competitor moves, and customer sentiments. By using these insights, authorities can decide what they can do to stay ahead of the competition. Currently, there are numerous sources of big data. These sources include different social media platforms, transactional information, phone call information, and internet activity, to name a few. According to a report, Walmart handles more than a million customer transactions that are analyzed to improve their performance. All the information that Walmart holds sums up to nearly 2.5 petabytes of information. Problems with big data lie not for managing such constantly changing information but in acquiring actionable insights from this information.

Here are the big data challenges encountered by companies:

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Analytical Problems With Big Data

Even though big data is changing businesses by providing actionable insights, there are certain problems related to it. A problem with big data is that it grows constantly and organizations often fail to capture the opportunities and extract actionable data. Companies often fail to recognize where they need to allocate their resources. This failure in allocating the resources results in not making the most of the information. Apart from that, organizations often end up with talent that does not understand how they should use big data analytics. Such a dearth of trained employees who can extract information results in companies not making the most of information held by them. Furthermore, while extracting insights from the big data held by them, companies fail to identify the right objective and end up with insights that are not so helpful for their growth.

Data Theft is Evident

When organizations store large amounts of data sets, these sets consist of almost every type of information that is even minutely meaningful for the company. As a result, when authorities fail to install proper security measures, they are susceptible to the threat of data theft.

This information theft means that a company is losing out on vital information. Moreover, data theft can also disclose confidential information that the business has hidden over the years. This could mean a lethal blow to the business’ reputation.

Consumer information is the primary target for an attacker. By stealing such information from an organization, attackers can sell it to other companies for monetary benefits.

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Problems with big data are avoidable with proper solutions. CTOs and CIOs can start searching for ways through which they can avoid the problems of big data analytics. Securing big data is also an aspect that companies can take into consideration. Necessary changes in the infrastructure may be imperative to ensure that the data stays safe and usable.



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TECHNOLOGY

Changing Tides at NAMIC

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Changing Tides at NAMIC


What a hot and lively week in Dallas! 98F and a huge crowd at the 127th National Association of Mutual Insurance Companies (NAMIC).

Over 1000 senior insurance executives, board members, and service partners, represented 400+ property and casualty insurance and related companies. NAIC officers discussed the insurance trends, regulatory challenges, and barriers to competitive markets. 45 speakers held economy power sessions and education sessions sharing thought leadership on the biggest industry challenges and opportunities. 

I had the honor to address the hottest topic – “The Future of Work” – at NAMIC. My session began with a live poll on the top 3 most common reasons given for employees quitting jobs. Here are the most voted reasons among the 181 votes: Lack of workplace flexibility, inadequate compensation, unmeaningful work, and lack of career development.

Here are the results in percentages:

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In 2021, 47 million Americans quit their jobs and entered the era of the great resignation. Since January of 2022, over 4 million Americans quit each month. To understand why, McKinsey surveyed 13000 employees in 6 countries from April 21 to April 22. The top reasons for people quitting jobs were lack of career development/advancement, inadequate compensation, uninspiring leaders, and lack of meaningful work. Below is a chart with more details.

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The live audience poll and McKinsey’s survey both ranked meaningful work, career growth, and compensation as top reasons for quitting, followed by uninspiring leadership and lack of workforce flexibility.

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Moreover, the future workforce demographic is changing from baby boomers to millennials and Gen Z. According to Pew Research, by 2050, 75% of the workforce is expected to be made up of millennials. 44% of millennials say they are more likely to be engaged when their managers hold regular meetings with them. Currently, only 21% meet with their manager on a weekly basis. Gen Z has surpassed millennials as the largest generation, making up 12% of the workforce. 22% of Gen Zs currently have at least one immigrant parent. By 2026, Gen Z will become the largest non-white generation. For Gen Z, community, diversity, and inclusion as well as their sense of passion and purpose hold utmost importance.

My speech covered three main topics: talent management including upskilling, transitioning to a hybrid environment, and outlook for the next 10 years. Registered attendees can get access to the recording through the end of 2022.

During the Q&A, the youngest attendee urged us to look around and notice that there were not enough young people at NAMIC. He called out the importance of understanding the younger generation and giving them more opportunities to network with decision makers at events like NAMIC. That perfectly summed up my presentation. Though NAMIC has certainly evolved with more women representation (15 this year out of 45 speakers and a few CEOs), there is still a need for more diversity in demographic and thought.

I was delighted to reconnect with former colleges, a few CEOs and board members of the mutual insurance companies at NAMIC. My favourite part of NAMIC is that it always feels like a family fair. It is a place we can share best practices and support each other even though our businesses may compete. Where else can you find such an ecosystem?



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