With pretty much the entire world using the Internet and new technologies being invented or innovated by the hour, we create around 2.5 quintillion bytes of data a day. The data that we create comes from all over the place, from social media sites like Twitter, purchase transactions, digital photos, to GE computers in the middle of the desert. There is so much data out there that we are now calling it “Big Data.” This is bad news for Business Intelligence, which is now becoming obsolete. Big Data makes the difference in a adding flexibility to cross reference your existing structured data repository with new unstructured sources as: incorporation of sensors to industry processes, crowdsourcing, digital television, call center logs and social networks, to name a few of them.
According to research by MGI and McKinsey’s Business Technology Office, analyzing large data sets will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus.
Here are 6 ways that you can create value from “Big Data”:
– Big data can unlock significant value by making information transparent and usable at much higher frequency.
– Organizations can then exploit the existing structured digital data cross referencing it with semi and un-structured data to collect more accurate and detailed information on everything in between product positioning in the market, product inventories to employees vacation days, and therefore expose variability and boost performance.
– Big data allows ever-narrower segmentation of customers and therefore much more precisely tailored products or services.
– Sophisticated analytics can substantially improve decision-making.
– Targeted Campaigns
– Big data can be used to improve the development of the next generation of products and services.
Alongside all this information, comes a “big challenge,” how to capture, manage and process all of it. The truth is technology is still catching up and there is no one platform or software that can analyze everything. Another challenge is talent, it is said that by 2018 there will be a shortage of talent necessary for organizations to take advantage of big data. So if you or your company isn’t already analyzing data, you should definitely start now!