What is big data?
Gartner does use define Big data as an innovative form of information processing for even further enhanced insight and ease and precision in decision making.
Seemingly coming out of nowhere, big data is now one of the terms that everyone uses everywhere. Joining Business intelligence as a no 1 CIO priority for the second consecutive year in 2015 (as claimed by no other than industry leaders Gartner) big data is driving transformative changes in multiple businesses.
What separates big data from business intelligence and standard data analytics known before are these three major attributes:
- Big data is high-volume. As the name suggests, the quantity of processed information is significantly higher than what we previously dealt with. This allows much higher precision in informed decision making – however it does call for more resources and a new approach, too.
- Big data is high-velocity. Since many executive decisions need to be taken as quickly as possible, real time data gives a huge advantage. The requirement to provide real time updates while also processing marginally larger amounts of data requires the means (and processing power) to also analyze and process the information much faster – which high-velocity stands for.
- Big data is high-variety. Unlike Business intelligence, where the focus is mostly on the internal, big data is driven by external information. Obviously this means that the shape and form of information varies much heavily – making it more difficult to process and analyze. While this is a challenge, it is swiftly solved in the big data world – and businesses can already reap the benefits in 2015.
What are the key challenges in big data?
The above mentioned specifics, while bringing higher value, also create new challenges. Let us list the top 3 challenges before examining them:
- The need for a novel information strategy
- The new approach to data analytics
- The means to managing enterprise information
With more power comes more responsibility – as happens with larger stacks of data, too. The power of information needs to be harnessed and the bigger quantities call for new ways to leverage the information sources. Only this way can the potential growth turn into actual prosperity
While businesses have leveraged data analytics well before the emergence of big data, the datasets they worked with were of marginally lower size, but also complexity. There is significantly more space to look for future customer behavior and market trend insight now – but not without the proper means and approach. Focusing on the external does bring complexity with it, however there are multiple examples of businesses tackling this challenge more than efficiently. So by trusting the right people you gain the right to focus on the potential greater benefits instead of the bigger challenge.
How does big data change user expectations?
Big data also brought higher costs and newer tools to the market. User expectations have significantly changed. Employees are demanding more access to big data sources.
What’s needed to tackle this is a well thought out business plan, featuring strategically crafted processes and using the most suitable toolsets. Only by doing things right can the many data disparate sources bring their fullest value.
Gartner claim that through 2015, 85% of Fortune 500 organizations will be unable to exploit big data for competitive advantage. This is a clear tell that only a select few can harness the full potential of the new tools of the trade.
Believe it or not, this is good for your company. You have the great opportunity to be amongst the top 15% – simply by trusting the right people to do the job. Eight years of experience and multiple successful projects behind our backs suggest that you have come to the right place.
How can we help you?
M Mobile Solutions can help clients come on top on various business intelligence related challenges:
- Business Intelligence Consulting
- Business Intelligence Training
- Business Intelligence Self Services Portal
- Business Intelligence Recruitment
Click here for more information on our Business intelligence consulting services.
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Difference between Big Data and Business Intelligence