Big Data Challenges Aren't New, But Solutions Are
As big data transforms into a mainstream business agenda, enterprises are making strategic decisions to harness its advantage to the maximum. With over 2.5 quintillion bytes created every day, data storage and analysis aren’t the only challenges faced by them.
Gartner has listed three strategic and operational challenges arising from big data as: Information strategy, Data Analytics and Enterprise Information Management.
As awareness about big data matures and businesses realize its potential as a key decision maker, there has been a shift in the way data is consumed, not just the way it is gathered. Companies are required to have an information-led strategies that will provide them insightful data on where they actually need to focus on to ensure maximum RoI.
A recent Capgemini study states that companies that focus on four key mantras have achieved success in big data management. These include: 1. Efficiency and cost focus; 2. Growth of existing business streams; 3. Growth through market disruption from new revenue streams and 4. Monetization of data itself, with the creation of new lines of business.
“When organizations are looking to get started in their Big Data journey it is important to consider where their computational capacity lies. Infrequent jobs on large sets of data can be a drain even on the most powerful systems if other workloads must run at the same time. Organisations shouldn’t be afraid to step outside the box and innovate as Big Data can and will change everything,” Sunil Jose, Managing Director, Teradata India, had said in an interview to CXOToday last month.
IDC has predicted that the Big Data analytics and related technology market will grow at a 26.4% compound annual growth rate to $41.5 billion through 2018.
“Good big data toolsets provide scalable, high-performance analytics at the lowest cost and in near-real time as business users increasingly demand continuous access to data,” said Jose.
Additionally, data liberation has led to new technologies and new approaches to data, which opened up new business scenarios by extracting insights for decision-making and operational efficiency that were not previously available.
“Leading companies are embracing the need to embed analytics as a core capability and are working to get ahead of these trends,” said Forrest Danson, Deloitte US Analytics leader and co-author of a report on big data in 2015. “By using analytics to deliver insights at the point of action every day, insight-driven organizations can achieve a deeper understanding of complex issues, make more meaningful decisions, and create more value.”
Explaining the term multipolar Analytics, Jose says it is the process by which data is collected and analyzed in multiple places, according to the type of data and analysis required. “This will involve both regular data feeds between poles and federated analysis to provide a connected view across the enterprise,” he says.
There are several big data predictions for the future, including by 2018 half of all consumers will interact with services based on cognitive computing on a regular basis.
“Leading organizations are changing how they measure their operations, interactions with customers, and resource allocations. Faster access to more relevant data and constant experimentation is creating a further gap between leaders and the rest of the organizations,” says Dan Vesset Program, vice president for Business Analytics and Big Data research, IDC.
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