Big Data Brings Business Opportunities

Leverage Big Data For Insight
November 21, 2010
Big Data

“A few years ago, I would've said the value in BI overshadowed that of big data, but now I'd say the relationship is even, if not reversed. There's more outside information now that can be digitized—about user behaviors and external conditions—that can be layered on top of structured data. This type of analysis opens a window into not just what happened and why, but it also helps you see what's possible.”

—Guy Chiarello, JPMorgan Chase

What is big data?

According to a recent report by the Leadership Council for Information Advantage (a CIO advisory group of global leaders), Big data “is not a precise term; rather it's a characterization of the never-ending accumulation of all kinds of data, most of it unstructured. It describes data sets that are growing exponentially and that are too large, too raw or too unstructured for analysis using relational database techniques. Whether terabytes or petabytes, the precise amount is less the issue than where the data ends up and how it is used.”

Why is Big Data Important?

In order to derive value from data, constantly accumulating through contemporary fast-paced business processes, with its sheer volume and rate of growth, one has to be extremely well prepared both in technological terms as well as analytical methods for figuring out what's in it and what to do with it. Data is ceaselessly being produced by the digitized world, in the flowing streams of structured and unstructured data, bearing answers to questions businesses haven't even thought of asking yet. The trick here is how to get to these answers.

What's needed are state-of-the-art facilities for storage, network and compute technologies that are on a par with organization's requirements to economically and efficiently harness big data, thus turning the mass of facts into a meaningful source of business advantage. If your business finds a way to use Big Data properly, you can then get insights into developing, refining or redirecting your market initiatives. One may find operational bottlenecks and use this knew knowledge to streamline supply chains, achieve better understanding of customer needs and embark on the road to new products and services and apply new business models in an educated manner.

Manage It, Don't Just Store It.

With the proliferation of data as we see it today, analysis methods and techniques will have to become part of a business process within your organization as just storing your data is no longer an option – every drop of meaningful information must be extracted, processed and employed to achieve an advantageous market position.

What is needed here is very thorough, reasoned and holistic approach to Big Data Management, so analysis can produce business information intelligence. You may want to get ahead of Big Data's potential to create new operational efficiencies, new revenue streams, differentiated competitive advantage and entirely new business models.

If that's the case, just talk to us. We will show you how it's done and tailor and train our management solutions to serve your organization, so you can strategically prepare for Big Data, and the big opportunities it holds.