Big Data Has Become Big Business

Big Data has become a buzzword that is hard to escape in 2017, but it is far more than just a technology trend. Big data is something every business can utilize. Syntax IT Support London provides the low down on big data and how it can aid the future growth of a business.

What exactly is big data?

Over the years, there has been a variety of definitions describing ‘big data’ which had led to much confusion and misunderstanding of the term. Big data constitutes large data sets from both traditional and digital sources, inside and outside the company, which signify a source for continuing analysis and discovery. Although the elements that make up traditional data (like product transaction information, interaction channels, and financial records) are of a much smaller volume in comparison to those of digital data, they cannot be excluded from the overall value of big data.

There are two types of big data:

 Structured

Structured data constitutes information that is readily searchable by simple, traditional search engine algorithms. Unstructured data is essentially the opposite, lacking structure and unable to be easily organized or interpreted.

Unstructured

Unstructured data can be made up of elements such as social media content, videos, and images.

Why is big data the future of big business growth?

Big data and big data analytics can now give companies the means to gain deeper insights into all the elements of a business, coming from both structured and unstructured data. There has recently been a rapid development of technologies that allow firms to efficiently and effectively analyze large quantities of unstructured data, like social media messages and pictures, which has previously been difficult to fit neatly into the columns of traditional databases. The analysis of both structured and unstructured data is essential if businesses want to fully utilize the potential of big data. If an organization has the ability to handle these large volumes of data in real-time, they are able to assume predictive modeling and systematized decision-making. In addition, action-taking will be more informed by the insights gained from the analysis of big data.

In order to demonstrate how useful big data can be for a business, the Chief Data Officers (CDOs) need to prove the value that can be created from that data. This will help to encourage vital partnerships with business leaders in a company. The senior business leaders need to ensure regular communication and collaboration with each other, while the CDO needs to collect information about the company and highlight its value.

When business users can view the data to understand and target progress, they may begin to reflect upon their relationship with the company’s data. Big data can often highlight ways in which the company can reduce costs and improve efficiencies within the firm. CDOs also provide opportunities for growth from big data, placing focus on customers; how to acquire them and how to retain them. Useful data and strong analytic capabilities allow CDOs to create a clearer picture of what customers want and why.

Growth in cognitive computing

One of the potential areas for growth is cognitive computing. This allows a much higher volume of data to be delivered to a firm at a speedier rate than that of advanced analytics. These cognitive systems are trained to be experts in a certain field, whilst still being able to interact naturally with humans, allowing them to explain their reasoning so the human can have the final say. The use of both human analysis and cognitive systems means that the gap between data and insight can begin to close.

As we now live in a dynamic, digital world, data and technology need to complement one another in order to help an organization keep up-to-date with the continuous changes in the business world. The CDO needs to play the role of both the ‘enabler’ and the ‘advisor’ in order to ensure big data is utilized efficiently and effectively to allow the organization to improve and grow.