B&E | Big Data: So, Why the Hype?

The strategic approach aligned to the customer core business is critical in ensuring the success of any "Big Data Strategy".

Big Data is revolutionizing business capability to make smarter decisions through the enablement of data analysis, coupled with perceptive learning mechanisms. Big Data enables vast arrays of information from sources such as transactional, social, search and machine data to be analyzed, mined and modeled. This data, when coupled with neural data analytics offer the capability for businesses to operate smarter, grow faster, and enhance productivity, all while reducing risk and costs. In essence, there is a real capability for big data deployments to drive success.

How much data is there, and how fast is it growing?

At the time of writing, there are 3.5 zettabytes of data stored, and that is expected to increase to 40 zettabytes by 2020. To put that into context, if all the data produced in one day was burned to DVD, there would be a stack of DVDs that would reach the moon twice. Data is now being generated in ways unimaginable only a few years ago.

What are the opportunities in real terms to your business?

The real opportunities in Big Data lie in Data Analytics, Data Mining, and Predictive modeling. Successful outcomes in big data projects are where learning algorithms are used to successfully recognize patterns in targeted data, thus enabling significant benefit to the business.

A big data strategy is most effective when the following is true:

•    A pattern is thought to exist or known to exist in the data

•    It is not possible to pin the pattern down mathematically

•    The Data Exists

Data either available locally or through external sources, when coupled with data learning mechanisms enables an incredible array of real term benefits to businesses in almost all verticals. Examples may lean towards recognizing previous unknown buyer habits, reduced financial risks through machine learning, reduced travel costs through historical learning and real-time data, and highly cost effective marketing. The list can be exhaustive when coupling machine-learning algorithms to recognize patterns in data sources available. 

What are the Risks?

There is so much data out there now that without taking a strategic approach to Big Data, the output may be more data, but of little or negative benefit to the business. Going head first into a big data strategy will burn cash, and leave the business swimming in more useless undecipherable data than can be made useful.

Conclusion

Big Data offers the capabilities to greatly enhance any business, through analytics, mining and predictive modeling using perceptive machine learning mechanisms. However, there is also a fine line to walk to drive a successful big data strategy. Doing nothing runs the risk of losing out to the competition. Going in head first runs, even more, risk through a potentially wasted investment in time and money, with an outcome of sinking in data with no defined strategy. The strategic approach aligned to the customer core business is critical in ensuring the success of any "Big Data Strategy".

Sponsored Content Provided by Gateway Technolabs, U.K., A Division of Gateway Group