Trying to find out what your customers are thinking can result in perennial headaches. And trying to predict what your customers might want next can be fatal to your health.
Big Data to the rescue!
The term “Big Data” is now thrown around in meetings without any thought to the predicaments faced by the business. It feels like Big Data is the ‘panacea’ for all the problems. And, it is!!
The volume of data is growing exponentially for all the businesses from different sectors. Big data can be used to device solutions that can drive incremental revenues.
Now, coming to the term data, it should not be taken lightly. Big data is easy but the biggest challenge is the variety of data. The data can be ‘data at rest’ as well ‘data in motion’. Data at rest is static and won’t change for considerable period of time. Data in motion is the fast moving data (more of the real time data, please!), like the number of commits to the SVN by the dev team or a simple reading of the motion sensor outside your brick & mortar store.
Another way of classifying is – Structured data & Unstructured data.
With about 75 % of data being unstructured, it becomes a humongous task to organize it and then extract relevant business information from it. These type of unstructured data can be videos, images coming from a surveillance cameras.
Big Data has become the backbone of all businesses today. It is being put to different uses in diverse fields like –
- Increasing revenue for e-commerce
- Developing personalized recommendations for consumer
- Diagnosis of diseases in health care sector
Crunching all the data on Big Data (quite a mouthful, eh?!), we found that there are industries where the value of Big Data is being leveraged to outperform the conventional way of collecting & analysing information.With benefits comes the challenges, there are three major challenges with data –
- Recognizing the relevant from the irrelevant.
- The velocity of data.
- Shortage of resources, personnel & IT infrastructure.
Big Data takes the 1st two major challenges head on.
You need not worry about which data to use & which to leave. Use everything you got! This helps you reduce the anxiety about missing out on some part of information that you thought was trivial but now plays a crucial part in taking profitable decisions.
The data accumulation part nowadays is all automated, and with big data, the velocity is never a problem, in fact it treats velocity as a part of the game. Twitter feeds, rate of stocks & what not, believe me it is the ‘thing’ for organizing data that seems to be coming at you at the rate of speed of light.
The skill set required for Big Data is completely different from a conventional analytics solution. It’s like driving a ferrari and driving a ford, you will definitely need more skills as a driver to maneuver a turn with ferrari. These professionals need a gamut of skills that are cross functional, from data management to statistical machine learning model.
Big Data is Big ROI
Big Data today is omnipresent & has opened up avenues for businesses that were difficult to accomplish before.
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Please let us know about your “data“ problems, our experienced data analysts are pretty good at making your life easier and helping you with ‘Big Data’ business decisions.
Big Data is not a ‘system of records’ but a ‘system of insights’.