The Landscape of Big Data
It is so easy to talk about big data, data management and data analytics right now, there hot topics, buzzwords in technology sectors. But when we are discussing these topics with our clients we need to be careful to define what it actually means and give true value to the words. Having big data is just a given now, companies are collecting structured and unstructured data every day, the growth rate of big data is alarming. As we’ve cited before in previous blogs and is highlighted here – 90% of the data held was created in the last two years and growth in the market is expected to be fivefold by 2019.
Read Forbes data facts, some are mind blowing.
This infographic, created by Mushroom Networks, is a great visual representation of where we are with big data right now. We’ve pulled out a few key messages from this infographic that we think highlight challenges and are of interest to everyone in the sector.
What is in a name?
The Landscape of Big Data with an increasing amount of data being stored we need to be able to talk about data in ever increasing numbers of bytes. When we talk about our devices these days we talk about gigabytes. Even this is a massive step forward considering that the Apollo Guidance Computer on the Apollo 11 space mission had just 64 kilobytes of memory; I often wonder what my 128 megabyte iPhone6 could achieve. As the amount of data held increases we need to ensure that we are talking consistently about the size of that data by using the same naming conventions for petabytes and zetabytes and beyond. This is highlighted by John Foley in this great article in Forbes where he points out ‘if we are going to talk about big data… we better all speak the same language.’
John Foley’s Article
Big Data and ROI for Business
The Landscape of Big Data as we’ve discussed before on our previous blogs, it is not enough to have data it needs to be made useful for you and your key decision making as a business. Big data can clearly deliver this when you are able to bring together all the data that you have across your business and mine it for key insights that can inform your decisions for the future.
As you can see from the highlighted statistic on the left, personalisation of your customers’ experience can increase sales. This doesn’t just give you a direct ROI, although that is obviously what every company is ultimately trying to achieve, you are also building your brand when you are seen as responding to your customers needs and giving them great customer service. Data insight is a proven way to do this and as we see in the statistic on the right access to more data can only continue to refine this process.
The Future of Big Data
Big data is only going to get bigger and this applies not just to the size of the data but to the market itself. As we can see here all these statistics show dramatic increases in the data we are collecting, the value of the data itself and the markets that will emerge; China will account for more than a fifth of the world’s data by 2020. As well as investment cited here from the US government the UK Government announced over the summer a £313m partnership with IBM to boost big data research in the UK and big data is one of the eight great technologies where the government believes the UK can lead the world.
IBM UK government big data partnership Article.
The landscape of big data is changing rapidly and we can’t wait to see how these statistics are borne out in the years to come.
tags #bigdata #analytics #artificalintelligence #AI #machinelearning