What is Big Data?
Big Data is the next wave of transformative technology, and it’s changing the way companies of all sizes and in all industries do business. In its most elemental form, Big Data is massive collections of unstructured and loosely-structured data sets too complex to be analyzed using traditional methods. And it’s growing constantly.
90% of all data in the world today was created within the last two years. Big Data sets come from everywhere: mobile phones, social networking sites, global positioning satellites, RFID’s, digital photos, and purchase transaction records. Each new data source presents new opportunities to learn and merge with existing data. Many companies have learned how to capture these data sets, but very few have learned how to use them effectively.
What Opportunities does Big Data bring?
Hidden inside data and metadata are insights into customer behavior, market trends, and new revenue streams. Each transaction, each phone call, and each sensor record can take you one step closer to finding inefficiencies or identifying opportunities. That understanding leads to informed and better decision making, and allows companies to answer questions they couldn’t answer before.
Big Data isn’t just about the size of the data sets – it’s about the incredible potential to make a company more agile, responsive, and accurate. Companies with successful data governance practices are more profitable.
What Problems does Big Data bring?
Big Data is messy. It’s unstructured, requires cleansing, verification, and reconciliation. It can consist of text documents stored on servers, blogs, location data, and thousands of other sources. Organizing those into one cohesive and meaningful model is not an easy task.
The problems with Big Data can be summarized into the 3 V’s: volume, velocity, and variety. Big Data keeps growing in massive amounts every day, comes faster, and continually comes from new places. Are you properly equipped to handle it?
How can ITG can help you capitalize on those opportunities?
Islington Technology Group has resources with Big Data experience. We know what it takes to confidently guide clients to better Big Data management practices and to answer the key questions:
- How do I extract insights and value from Big Data?
- How do I manage data privacy?
- How do I get the right data to the right person at the right time?
- How do I process the data quickly enough to get timely market insights?
- What should my data governance policy be?