Big Data- The New Buzzword
Big Data is the new buzzword to describe the exponential growth of data, both structured and unstructured. The real challenges that organizations face due to the exploding data are:
||Capture and storage of large volumes of data|
||Data arrival rate @ 10-100 times faster than the transactional data|
||Organizing wide variety of data types from different sources |
||Inaccurate business decision as a result of bad or outdated data |
||Delayed Decision Making because of Irrelevant Data |
||Accessing Critical information|
||Leveraging existing IT architectures for capturing, integrating big data with transactional data |
The focus of organizations is the ever increasing volume, variety and the velocity of information that comes from the big data. The goal of all organizations with access to large data collections should be to harness the most relevant data and use it for optimized decision making. Until recently, organizations were limited to use the subset of dataset and constrained to use traditional analysis even with the large volumes of data using their data processing platforms. But the question is,’ Is there a technology with which the Organizations can make use of most of the Big Data?’
A number of technology advancements are now enabling organizations to make the most of big data. These technologies support the ability to collect large amounts of data and also the ability to understand and harness the most relevant data and support the decision making.
The key technologies that help organization handle big data are: Information management technologies such as Hadoop, NoSQL that allows big data to be managed and used more effectively, High Performance Analytics which takes advantage of the parallel processing, clustering, MPP, virtualization, large grid environments, high connectivity and high throughputs to explore huge volumes of data and perform quick analytics which helps in speedy decision making and finally Deployment models where the big data solutions can be deployed on cloud on a dedicated high-performance analytics appliance or within an organization’s existing IT infrastructure, whichever best suits the organization's requirements.
With Big data and data analytics, now organizations can analyse millions of SKUs, Recalculate entire risk portfolios in minutes, Quickly identify customers who matter the most, Analyze data from social media to detect new market trends and changes in demand, Mine customer data for insights that drive new strategies, Use analysis and data mining to detect customer behavior, etc.
In a nutshell, technologies have advanced and organizations are on the move to acquire, organize and analyse their big data and gain a competitive advantage.