Big Data- discover the value in your data and accelerate your business transformations
Big Data is the foundation for creating new levels of business value. You can act on new insights using Big Data-enabled applications. You can automate high-volume processes that integrate information from multiple Big Data sources. You can use agile development methods to build data-driven applications that differentiate your business. With integrated storage, analytics, and applications, Big Data helps drive efficiency, quality, and personalized products and services, producing higher levels of customer satisfaction and experience.
But What Big Data Is?
Big data is the term for a collection of data sets, so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The challenges include capture, cu ration, storage, search, sharing, transfer, analysis, and visualization. Examples of big data are Petabytes (1,024 terabytes) or Exabyte (1,024 petabytes) of data consisting of billions to trillions of records of millions of people, all from different sources (e.g. Web, sales, customer contact centre, social media, mobile data and so on). The data is typically loosely structured data that is often incomplete and inaccessible. When dealing with larger datasets, organizations face difficulties in being able to create, manipulate, and manage big data. Big data is particularly a problem in business analytics because standard tools and procedures are not designed to search and analyse massive datasets.
There are five broad ways in which using big data can create value. First, big data can unlock significant value by making information transparent and usable at much higher frequency. Second, as organizations create and store more transactional data in digital form, they can collect more accurate and detailed performance information on everything. Third, big data allows narrower segmentation of customers and therefore much more precisely tailored products or services. Fourth, sophisticated analytics can substantially improve decision-making. Finally, big data can be used to improve the application development of the next generation of products and services. As Big Data invades the enterprise, there is also an increasing desire to use the cloud to gain benefits of economy and agility.
The amount of data in our world has been exploding, and thus analysing large data sets, big data, will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey’s Business Technology Office. A recent survey by the Government Business Council suggests big data strategies are the defining element to unlocking the potential of growing mountains of information.
The first goal of survey was to assess how important Big Data is to companies, today 80% of responders indicated that Big Data was important to their business, with 43% indicating it is mission critical. Over 30% of those currently using dedicated tools are using a combination of products, such processing platform. Interestingly enough, only 12% are utilizing real-time event processing tools, in spite of the 70% who indicated a need for stream processing.
Some of the survey results and trends are predictable. For example, companies with higher revenue are more likely to have on-staff data scientists; and 58% of survey respondents see making more accurate decisions as a benefit of basing those decisions on data.
But other results are less obvious and probably more interesting too. For example:
- 50% of marketers say that marketing and IT are not strategic partners in their company
- 40% of marketers gave their department a grade of C or lower for using data to drive marketing
- 71% of marketers plan to implement a Big Data analytics solution in the next two years
- Less than 10% of companies use the data they have in a systematic way
In the end of the line, with Big Data solution, you can continue to revolutionize your industry and improve overall performance and efficiency as it presents a big challenge –and also exciting new opportunities. Thus, Businesses that exploit Big Data to improve strategy and execution are distancing themselves from competitors. The Big Data solution provides market-leading, scale-out storage, a unified analytics platform, and business process and application development tools. Together, these allow organizations to draw deeper and powerful insights and become a more predictive organization.