Like the hot tropical sun ‘Big Data’ seems to have appeared on the horizon of several new industries. Industries such as Shipping, Mining, Oil and Gas, etc. that were not in the initial footprint of Big Data appear to be feeling the early subtle heat. Although conservative and steeped in tradition, the promise of better insights and quest for higher profits has made many curious about big data. Not to be left behind many companies have joined the bandwagon by either making early investments in Big Data or by allocating resources for it.
The very nature of big data makes traditional database management tools and data processing applications virtually useless. This primarily drives the necessity for investment in managing big data. Several organizations prefer outsourcing the data management to specialist companies that already have the experience and IT infrastructure in place.
With the increasing number of logs, counters, recorders, sensors, etc. installed everywhere possible, capable of gathering enormous amounts of data at higher and higher frequencies, the traditional means of manually collecting data no longer makes the cut. The early movers have unquestionably long moved towards automated data collection. However just generating and accumulating enormous amounts of data is not worth anything in real terms.
Vast volumes of data comes with its own set of challenges, the chief among them appear to be accuracy, storage, security, transfer, sharing, and filtering. However, just attaining sanitized and reliable data is also not sufficient by itself either. Thorough analysis and detailed study is what makes reliable observations and conclusions possible. Ultimately, it will be strategic decisions made by the visualization of valuable insights attained from the data that will steer towards profitability.
In a world where companies are created and sinking at a faster and faster pace, Big data will give that competitive advantage that companies both big and small are looking for. It will reveal hidden risks and areas for improvement that otherwise remain elusive. Transparency will allow synergies especially in large diversified and loosely connected businesses and departments. Analysis of processes, procedures and operations at the smallest level not possible before, allow efficiencies and savings not thought attainable.
It is believed that in many industries big data is yet to be exploited for what it presents, especially due to the current economic scenario. Many say that the impact it will have in the long run is unquestionably profound. Is this the general consensus? What is your experience with ‘Big Data’? Is it really as complex and cumbersome as it is made out to be? Is it best leaving it to the experts?
Let me know your thoughts.