Money makes the world go round, or so the saying goes. But could we – or should we – be coining a new phrase, and if so, how about this one: Data makes the world go around. Because data
is now so enmeshed in our lives, businesses realise the power of its value and the potential therein.
Information from traditional data points such as bank statements and transactions, and phone records have been joined by new, non-traditional sources such as Facebook posts, emails and tweets. In fact, there’s been such a surge that around 90 per cent of today’s stored data has been created in the past two years. Welcome to the world of Big Data.
According to statistics from the International Data Corporation, over the next ten years, world-wide organisations are going to have to handle 44 times more information each year
, than they’re currently dealing with. And in a bid to get a better understanding of it, they’ll be using more advanced tools and methods to analyse data. Big Data analytics, when used correctly, can help predict customer interests, trends and behaviour. But Big Data isn’t just a retailer benefit. A study done by SAS and UK-based think tank, the Centre for Economics and Business Research reports that by using better and more effective use of Big Data
would give the British government benefits amounting to £2bn in fraud detection, some £3.6bn in savings through integration of data and generate around 2,000 jobs.
However, according to some, the UK is missing out on the potential economic and employment value due to a lack of skills in managing and analysing big data. Schools and universities are being seen by some, as tools to promote and drive the next generation of students through graduate and post-graduate courses in the skills of Big Data.
But is this grass roots teaching of big data analysis even necessary? Not according to some industry experts including Kate Craig- Wood. The Memset
founder, whose company signed to the UK Government’s CloudStore, has worked on her own Big Data project. And when it came to analysing the billions of entries of her dataset, rather than search out a Big Data expert, Kate did the work herself.
Case and point is IBM’s announcement that it reckons it’s new predictive analytics software – the Analytical Decision Management software- is able to correlate, analyse and distil Big Data in a matter of seconds. This will mean that, rather than a human expert, businesses will be able to use the software to study all sorts of information and data.
But is Big Data even a modern day problem? Some would argue no because as the internet and its technologies have developed, so has the capacity to handle it and what was considered Big Data a few years ago, isn’t by today’s standards. That’s not to say that the problems have become less complex, in fact, some would argue that as the variety of data sources has grown and the more varied it’s become, there are more intricacies to tackle.
About The Author:
Ben Jones is based in the south of England, as a freelance technology consultant to a number of businesses. I’ve got a particular interest in how the cloud & big data is going to play a part in all our futures.http://bgejones.blogspot.co.uk/