BigData: 7 Key Insights
From the EMC Isilon blog:
Data has penetrated every industry and business function
Big data creates value in several ways
Create transparency and make data immediately available to stakeholders
- Use data to set up experiments in performance variability and improve employee performance
- Segment data and customize to specific markets • Replace and/or support human decision making with algorithms
Innovate new business models, products, services
Use of Big Data will become key in competition and growth in new markets
Use of Big Data will lead to better designed products, increase productivity and consumer surplus
Not all sectors will can benefit from Big Data, and some face higher barriers in capturing value
Lack of talent will be key constraint in realizing the value quickly and usefully. The following three types of talent will be in high demand:
Deep analytical skills to digest large amounts of information
- Data-savvy managers able to interpret results and make business decisions
Supporting personnel to maintain hardware and software tools
Several issues to be addressed before we can fully capture the value of Big Data
Data policies — retention, privacy, security
- Technology and techniques — new hardware and software to store, compute, analyze, and regenerate in consumable format
- Organizational change — most companies today don’t have the incentive infrastructure in place to optimize use of Big Data
- Access to data — 3rd party data may not be available when needed and stakeholders may not be open to sharing
- Industries structure — some industries have inherently higher barriers to overcome in fully realizing the value of Big Data
Here is a different perspective:
- point 2 above lists the requirements of a BigData ready organization or system
- points 6 and 7 represent business opportunities for companies and products trying to address the needs of the BigData market
Basically any company/product entering the BigData market would have to cover the requirements at point 2 above and provide solutions for at least one, but preferably more, of the points at 6) or 7).
Original title and link: BigData: 7 Key Insights (NoSQL databases © myNoSQL)
