The Big Bang of data has set the next stage of the information revolution or evolution. Big data management becomes crucial as it focuses on harvesting data which are both structured and unstructured. It has transformed the way businesses operate today. More than data stored offline, more terabytes are generated and stored online in a highly networked environment. The technology to process and synthesise data is fast evolving and promising.
Business Opportunity fall-out of Big Data
Research by McKinsey Global Institute and McKinsey’s Business Technology Office predict a many-fold exponential growth in data. It will usher in unprecedented business and IT transformation with security too as major area of opportunity.
A 11% increase in revenue is seen by the technology company EMC. They operate in the business of security, cloud and big data.
Splunk, a company for data analytics, has seen its shares jumping up as investor interest in Big Data as a business opportunity has spread.
Splunk has reportedly gained customers in nearly 75 countries, totalling more than 3,700. Customers use Splunk’s specialist services to harness information from their massive generated data storage.
Areas seen prospective are application management, business analytics, IT operations, cyber security, compliance and web intelligence. Data generated is an important factor of production in addition to labour and capital.
The technology company IBM offers unique enterprise class data platforms to address the full spectrum of dig data business challenges. A big data platform will help to tackle problems existing but previously not resolved.
As more companies offer cloud services, proliferation of machine generated data is on. An opportunity arises for new infrastructure, for businesses and IT specialists, as massive machine generated data is most valuable, most complex and the fastest growing reservoir of data.
Ready to explore this potential opportunity the electronics giant Samsung is believed to soon offer cloud services for its enabled devices.
It started with data mining. The actual task was to analyse automatically or semi-automatically the large quantities of data to obtain interesting patterns that can be interpreted as information which could be discovered and utilised. The demand for people with analytical ability in this area will be high.
Exploitation of data generated is key
According to IBM, everyday our computers generate 2.5 quintillion bytes of data. Data comes from sensors gathering climate information, the text and pics posted to social networking sites, purchase or commercial transaction records, digital images and videos or cell phone sending GPS signals which are but a few of the many sources.
Big Data calls for scalable storage infrastructure. A new type of analytics platform to assimilate the volumes continually generated have to be put in place. The advantages of harnessing the potential of Big Data is enormous. Efficiency can be increased, costs can be cut, quality can be improved and operating margins increased significantly with this technology.
Businesses have to model their big data to make decision-making faster and better as well as help greatly reduce risks. Decision making is based on real-time data thereby enhancing value and effectively making the cycle shorter and frequent.
Analytics can be used to predict and forecast trends to guide proactive planning. For instance, both Google and Facebook use similar software to generate targeted ads based on people’s likes and dislikes. In fact, in Netflix around 70% of movies that people choose are from the “recommendation engine”.
Scalable database management systems are part of the cloud infrastructure to ensure transition of applications from the traditional infrastructure to next generation cloud infrastructure. Popular cloud paradigms are Infrastructure as a Service (IaaS), Platform as a service (PaaS) and Software as a Sevice (SaaS) and extended to Data as a Service or Storage as a Service.
The Centre for Economics and Business Research (CEBR) found that Big Data had contributed last year to the economy of UK an estimated £25.1 billion. It was predicted that by analytics in R&D, we would develop new products and services, create new markets and add billions of pounds into the UK economy.
The holders of Big Data are valued higher in virtual estimation. For example the Facebook’s projected $100 billion value is based on the data it has in possession that potentially can be exploited.
Dinesh.V.K writes on current market trends, top broadband suppliers in UK, technology, mobile phones, shopping ideas, free vouchers, free coupons, news, politics, sports and entertainment.