There is no “one size fits all” solution with how a company goes about using their data to find insight. This provides an endless stream of competitive advantage. Two companies may have the same data but may be using it differently to find new trends and to predict what it is that their consumers will want next.
One of the many new buzzwords that everyone is hearing is BIG DATA. So, what is big data? It is the collection and analysis of large amounts of data that is generated by people, machines and even nature. The information found from this can be used to access untapped indicators that competitors may not have and therefore allow a company to market more effectively which will ultimately increase revenue. Open source frameworks that support large data processing across clustered systems are emerging. These technologies come with core organisational goals: Better business decisions. More money.
Data equity will resemble the importance of brand equity. It will become to be known as a prerequisite in business just as the internet is. That is how common it will be. It will provide a stream of gains for all industries. Risk management can be optimised through finding anticipated patterns before they happen and therefore being able to counter act them.
The Major benefiters of this trend so far have been the banking, telecoms and marketing industries. They have been able to predict what customers want as a market segment and also down to the individual. Customised service to suite my needs? YES PLEASE.
Social media is a key play maker in this spectacle as it is constantly feeding information to system. This can answer almost every question ranging from whether or not customers approve of your products, to which areas your brand is impacting.
Big IT organisations will have to up their game in providing better capabilities. They will have to continue to modernise in order to stay relevant. The industry will have to revolutionise to accommodate all the changes and be able to manage the expectations that will arise from this. The information is available but how to turn it into a valuable resource is still a challenge. What to then do with the newly identified patterns, trends and information from the raw data is also cryptic.
It enhances how everything is monitored captured and analysed. Organisations are still learning how to use this. All inventions and improvements are aimed at better decision making, increased productivity and higher efficiency.
Here, all walks of IT come together. Your data analysts, database specialists, business intelligence gurus, programmers and technicians are all invited to the big data party.
Good servers need to be set up, maintained and run in the correctly structured databases. Storage has to be maintained. There has to be good quality information that is relevant not redundant and complete. The data can’t just be stored, it has to be used to find insight and unknown trends. The correct tools need to be created and sustained for continued improvement in this field.
Inventions in IT are always significantly better than the previous and this is because of the various boundaries that this industry crosses and integrates with. Anything is possible and everything is so different. If ever there was a time to pursue a career in IT, it is now.