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Big Data Analytics: Innovation’s New Identity!

Data is omnipresent. It is everywhere, increasing by the minute and in complete need of smart management—if it is to be useful for furthering the case of business! It is said that 2.5 quintillion bytes of data is created everyday, with 90% of the world’s data created in the past two years alone. This already massive archive of data is only growing! The rise of multimedia, social media, and the Internet of Things is driving this exponential growth. Sources predict that the volume of business data worldwide is expected to double every 1.2 years.

 

All this data reeks of innovation, which by virtue of its name is the next big step, the big change that organizations worldwide are waiting to harness. Big Data is no longer the concern of a few data managers; leaders today are compelled to take notice and tackle with its implications.

 

Organizations today have established a direct relationship with their consumers. These relationships generate massive amounts of valuable data that has the potential to drive real frontline differentiation—if the businesses have the right tools to decipher the value that this information holds.

 

A recent research report indicated several valuable insights on the matter of Big Data and its value:

  1. By 2009, across all sectors of the US economy alone, over 200 TB per company was captured and stored.
  2. As more transactional data is created and stored in digital form, the more accurate the performance information such as product inventories leading to a boost in performance.
  3. Enables organizations to conduct controlled experiments and make better management decisions.
  4. Supports customized segmentation of consumers; enabling companies to create sophisticated tailored products or services that can possibly even provide proactive maintenance after sale.
  5. Provides a competitive edge in the market.

 

Access to Big Data is critical. But first, several issues such as policies related to privacy, security, intellectual property, and even liability need to be addressed. Organizations must then integrate the data from multiple sources. While, technology will help is solving the major part of the problem, it is hiring the right talent that will enable organizations to harness the full potential of Big Data.

 

Shortage for talent in this area is another major concern. Reports predict that by 2018, the United States alone will need a workforce of 140,000 to 190,000 with deep analytical skills and about 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions. This presents enormous opportunities for IT professionals with programming experience, J2EE architects, developers, enterprise/solution architects and technology managers. Developing and refining your Big Data analytics skills will set you on a career path to innovation and success, thus redefining the enterprise analytics platform.


  1. Bringing Big Data to the Enterprise IBM, 2012

  2. eBay Study: How to Build Trust and Improve the Shopping Experience,” KnowIT Information Systems, 8 May 2012

  3. McKinsey Global Institute

  4.  McKinsey Global Institute

May 26, 2015

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