The "Big Data" Problem
International Data Group (IDG) tells us that 90 percent of the world’s total data has been created in the past two years. Thanks to the sharp rise of social networking and mobile computing, data is now being created as fast as it is being consumed. Making sense of this volume of data is difficult, and now businesses of all sizes are turning to "Big Data" for an answer.
What Is Big Data?
Big Data by definition is the collection of very large and complex sets of data. The term also refers to the technology required to manage, store, and interpret this data. The challenge is that most of today’s data is unstructured and comes in a variety of different types (media feeds, images, streaming video, text files, documents), so Big Data needs to read and interpret everything from documents and electronic forms to emotion and expression.
Big Data’s Big Splash
In December last year, IDG reported that 70 percent of American enterprise organizations had deployed or were planning to deploy Big Data projects. On average, the enterprise organizations had spent $8 million on Big Data initiatives. Clearly, Big Data has struck a chord among large companies because it promises a novel way to understand market forces, adapt to them, and connect meaningfully with customers. But does Big Data deliver on its promise? It depends what you do with it.
Most Customers Don't Know How To Use Big Data effectively
According to Brian Hopkins, an analyst for Forrester Research, statistics like those from the IDG study only tell half the story. He says that while businesses have improved the way they collect data, they haven’t changed the way they use it. Big Data is about insights, but many businesses are not adopting the sophisticated approaches necessary to analyze the information they collect. You don't have to be a multi-million dollar company to effectively analyze data, you need to be able to recognize trends and build strategies to capitalize on trends. That is much easier said than done though.
The problem facing your business
You may want to interpret varieties of data to help you improve your service, create a new market, or launch a new product. The problem is that you may not be able to justify the cost of extra resources to get these Big Data insights. However, there is an assortment of discrete data sources such as CRM or Google Analytics that will be more than helpful in your endeavors.
So, what should you do?
The concept of Big Data is still quite new, but if analyzed and applied correctly, it can take your business to new levels. However, before any data is even collected, you must have a place to store it. That is where Current Technologies comes in. We can provide you with either physical or cloud storage solutions and backups to make sure that no matter what happens, your vital data will be available to you when you need it.