Once upon a time, Cloud computing was as fancy as it could get. Today, it’s reality. Then came in big data and the explosion of information that individuals and companies have to handle, analyze, store, base their decisions on, and much more.
The promise of “Big data” is simple: the avalanche of information about businesses itself (marketing, operations, IT, etc.) and then about customer behavior, social media, and much more, provides businesses with a more dependable dataset to form their decisions and take the right path to profits.
If there is a challenge to big data, it relates to assimilation, compiling the right data set, and then spreading your decision-making over a much larger data set than companies are used to.
Here are some data trends you should know about:
Expanding data. Where you will wade in?
According to Thor Olavsrud of CIO, data multiplies and doubles every 18 months. Organizations like the IRS Compliance Data Warehouse; The National Archive and Records Administration in the U.S; NASA’s Human SpaceFlight Imagery Collection, Archival, and Housing; and many more governmental organizations along with businesses are all tapping into the super set of public and private data to make decisions they couldn’t attempt to just a few years ago.
With all data expansion and availability, will you wade in into these “rivers of data”?
Large companies are in. What about you?
It’s a fact that large companies are taking to big data in an incessant rush. In a global study conducted by TCS -- an Indian IT consulting company – at least 53% of more than 1217 companies took allegiance to big data in the year 2012. About 43% of these companies expect a great return on their investments. Does that ring a bell for other businesses at large? Are these signs to come? Does this behoove businesses to tap into the big data pool?
The Pareto rule Applies to Big data consumption
Some companies invest heavy into big data. Most others do not. If you just pick up the sum total of all companies that invest in big data, you’ll see Pareto’s principle kicking in with just about 20% of large companies investing about 80$ of total spend on big data. In the TCS survey mentioned above, 15% of companies surveyed spent more than $100 million. 25% of these companies spent less than $2.5 million and 7% spent about $500 million.
Big data happened due to the scale, reach, and the potential of Internet with related technology. If a business ought to run, it needs to take decisions. The more data it has available to tap into – and presented in the right manner – the better the decisions will be.
Have you tapped into big data yet? What’s your take on the big data trends?
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