The popular term Big Data can be encountered everywhere with huge hype behind its effectiveness. But what is it and what could it do for your business?
Big Data is used to describe a massive volume of both structure and unstructured data that is too large to be processed by traditional types of databases and/or software techniques. Big Data analysis is viewed to become as important to business as the Internet. This is due to it being a method that may lead to more accurate business analysis. Big Data may lead to more informative decision making, improving operational efficiency, cost reductions and the reduction of overall risks.
The exponential growth in data has become key in competing and growing businesses. It is essential for leaders in every industry to understand the implications and business value it holds. With access to data storage, analytics and applications Big Data is able to drive efficiency, quality and personalised products and services which may lead to higher customer satisfaction experience.
Big Data can create value in the following ways:
- Make information transparent and usable.
- Collect detailed performance information on products.
- Narrow segmentation of customers and tailored products and/or services.
- Improved and informed decision making.
- Improve development of next generation products and services.
A primary goal of Big Data is to discover repeatable business patterns and utilise these to revolutionise the way that your business acquires, processes and manages data. According to a recent study conducted on behalf of Hitachi Data Systems (HDS), South African corporations are lagging far behind in the utilisation of Big Data analytics. This is a result of a lack of understanding at the executive level on the great competitive advantage Big Data analytics has in businesses being able to collect data in real time.
The increasing volume and detail of data captured by businesses through Multimedia, Social Media and the Internet of Things will need to be addresses to underpin new waves of productivity.