Big Data will be the next frontier for innovation, competition and productivity according to a recent report from McKinsey (http://bit.ly/tE7fiZ).
According to McKinsey :
30 billion pieces of data are shared on facebook every month
40% growth in global data, year on year
And by 2013 :
14% of business intelligence (BI) deployments will combine BI, collaboration and social media in to decision making environments.
33% of business intelligence functionality will be consumed via hand held devices
Big Data describes the data sets that simply cannot be tackled using traditional database and business intelligence tools. In my opinion, Big Data is best described by a number of key attributes :–
Volume – from hundreds of terabytes to petabytes, where a petabyte is equivalent to 500 billion pages of standard printed text.
Velocity – up to near real time sub second delivery
Variety – including both structured and unstructured data
Volatility – hundreds of new data sources coming online from new apps, web services and social networks
To do Big Data well there needs to be a combination of machine intelligence and human insight. The vast amount of data involved is staggering – to sift, mine and identify the right information will require a fully integrated approach to managing both the product and data lifecycles for an organisation.
This will need to be built around a data management strategy that integrates Big Data into the front end of the innovation pipeline. This will involve a number of new alternative delivery models such as a new breed of analytical applications, using in memory capabilities to add scale and computation speed.
The benefits for Big Data are immense, from identifying the profitability of customers, products and channels, through to mining customer needs desires and sentiment.
The more intelligence you have on your customers from Big Data, the greater insight you can apply to new products and services, driving greater impact on revenues, margin and market share.
Email : ian@IanAlderton.com
Tel : +44 (0) 7702 777770