Big data is our big obsession. It feels like every week a new infographic comes out that outlines the amount of data being created every minute online. The stunning numbers, showing the amount of email, Facebook posts, video and blogs flying across the Internet, really are enough to stop you dead in your tracks. But big data has seemingly stalled in a lot of business circles. Perhaps it is a contextual issue, or maybe it was just a lack of comprehension, but the real question is: Is big data really all it is cracked up to be, or has it lost its meaning? Let’s dig a little deeper.
No matter how much we fuss about data today, let’s face it, it has always been there. Always. What has changed, though, is the speed at which data multiplies. The three Vs of big data — namely volume, variety, and velocity — are changing at such a rapid pace that most businesses simply don’t know what to do, let alone how to makes sense of it all. Besides the stacks in their repositories, businesses see the growing mountain of data in the form of emails, texts, social data, etc. on a daily basis. It’s messy and chaotic.
However, big data is also a goldmine of information that predicts customer behavior, the changing market needs, and patterns and shifts that reveal where things are headed. To let go of the opportunities this information presents is not just bad business sense, it’s a grave mistake that may cost companies millions of dollars in lost revenue.
You may ask, “In an age where businesses are expected to run on tighter budgets, can big data promise a higher ROI?” If you consider its role in shaping better decisions that result in improved retention of customers and employees and bigger revenue turnovers, then yes, big data does generate significant ROI.
“We need to look at big data as a tool that helps to steer our business decisions and not as a magic bullet.”
The benefits of big data spans across industries. The latest reports from GE and TEKsystems conclude it is a major factor for business success.GE’s Global Innovation Barometer found more than two-thirds of its global participants considered big data a critical factor for business innovation. Nearly six out of 10 IT leaders surveyed by TEKsystems expect big data spending to increase following its ability to meet business demands.
Big data can be a game-changer for businesses for its capabilities to:
This excerpt is from the Dell. To view the whole article click here.
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