Information is the lifeline of any organization. The lack of IMS (Information Management System) is viewed as the barrier in progress. Before managing information, the measurement is required. What has changed in last few years is digitalization and making everything available in WWW. There are many software or tools used to capture, curate, manage, and process the data.
If there is a library, the book keeper will firstly confirm the number of books he has to manage and then he will decide where to place them. In last few years, the data size is increasing day by day, like Amazon.com which handles millions of back-end operations every day. Walmart handles more than 1 million customer transaction every hour. The size of data is getting increased from gigabyte to petabyte. This increase in data requires well decided process to manage it and use it
Below are the 3 ‘V’’s which has given birth to ‘Big data’.
- Volume: There are number of factors which are responsible for increased data volume like unstructured data streaming in from social media, increased amount of sensors etc. In past, the storage devices were too costly which was the basic reason of having small data size. Now days, as the cost of storage devices are reducing, the new issue organizations are getting is how to determine relevance within large data.
- Velocity: Velocity basically belongs to reacting fast as much as possible. It is a challenge to drive the need to deal with data in near-real time.
- Variety: There are number of data type formats available for example: structured format (traditional format) and unstructured format (video, audio, email etc.).
“Big Data” manages the wide volume of unstructured/semi-structured data stored in many organizations. The goal of big data ensure a high level of data quality and help them contend with fast pools of data which can be in terabyte or petabyte.
Big data has added values to the business in 2 aspects:
- How the new data can enhance your existing set of capabilities?
- What additional opportunities for invention or processes optimization does it present?
It uses inductive statistics and concept from non-linear system identification and perform predictions of outcomes and behavior. There are number of big data environments which go beyond the relational database and traditional data warehouses platforms to incorporate technologies which are best suited for processing and storing data.
A research suggested big data requires brilliant technology to professionally process large quantities of data within tolerable elapsed time. The suggested technologies include A/B testing , data fusion, integration, machine learning, simulation, time series analysis and visualization etc.
Big Data in other aspect:
A common use of Big Data revolves around CEM (Customer Experience Management). Let’s consider an example to understand it.
Considering a physical retail shop, the customer will come to shop and buy products. By this way the retailer will have to do practice to analyze what the customers actually want, what exactly the product is in demand etc. But when the retailing process go online, then online retailer will not only track the orders placed by customers but he will also check what else the customers review, how they navigate to the website, how much they are influenced by promotions and advertisements etc.
As a philosophies spread out for big data and tools, the organization will change long-standing ideas about the value of experience and practice of management as well. But the challenge of becoming big data enabled organization can be enormous and requires hands-on or hands-off leadership.
How Netgains can help on this:
- Investing into a big data platform
- Making security, privacy, & governance a requirement
- Infusing cognitive intelligence into new generation of apps
- Smart Information System
- Improving effectiveness of existing application