Turning Big Data into Business Insights

By | September 5, 2017

The Reviews Editor at ZDNet UK, Charles McLellan writing recently in a special feature in the ZDNet magazine highlighted how the mere collection of data, which enterprises are doing increasingly efficiently, will not fetch many benefits to enterprises till necessary efforts to turn these into useful business insights are not carried out.

As Charles McLellan writes, the data collection is all pervasive and pervades enterprises of all sizes and definitions and the most important question today is about the how little control an individual as on his personal information, meanwhile astute enterprises with their Big data driven initiatives using large amounts of user data is targeting very specific groups with their services or in case of non-commercial enterprises seeking support to a particular goal or cause.

As he points out further in this article, enterprises to gain business insights from this deluge of information should have in place right planning, budget, tools, and expertise. This will enable them to analyze and get actionable data and help enterprises to implement revenue –generating innovations in a pertinent segment of the business to gain competitive advantage.

Charles McLellan quotes reports from IDC and EMC to project the total data generated globally by 2020 to around 44ZB (zettabytes), and another by Seagate’s Data Age 2025 to around 163ZB, and for enterprises with vast amounts of data coming in it will be easy to get overwhelmed with the possibilities. And with data coming in different types like structured, unstructured and real time, it should be understood that all data is not conducive to analysis. And according to IDC by 2025, 20% of the data will be critical (Data necessary for user daily life) and around 15 % will be hyper critical (Data with direct and immediate impact on user’s life).

With Artificial Intelligence and Machine Learning being the foremost technologies deployed to understand Big Data, the data available for use will be further restricted. In fact, according to IDC by 2025, only 15% will be tagged and so useful for AI /ML analysis and further in this only 3% will be suitable to be analyzed by cognitive systems.

The coming trends for the Big Data industry according to this ZDNet special report by Charles McLellan is  “ AI, Machine Learning, Automation and Cognitive systems”, along with “ data driven business applications “

For detailed picture on Big Data visit: http://www.zdnet.com/article/turning-big-data-into-business-insights-the-state-of-play/

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