Sunday, February 19, 2012

Three Big WHYs for Big Data

Don’t inundate with data details, foresee the trends, the future, and the organism.

Economically, data is about 80% of business asset today; technologically, big data brings up the opportunities to pursue and big challenges to conquer; culturally, we may just enter the exciting big data renaissance; artistically, data is now growing and flowing, full of color, both comprehensive and abstract, visible & viable, essential with style; technically, there're still many challenges and it takes time to lead Big Data maturity, and statistically, more than half of analytics projects fail to reach customer expectation. 



    1. Why “Big Data” is such a big deal?

·   Big Business: Big Data is the big market and big business, will reach $50 billion in 2017, since the unstructured data from mobile, social, smart device keep flow and grow. Companies capture trillions of bytes of information about customers, suppliers, and operations.

·   Data Renaissance: Data influences the human behavior, data empowers the culture of innovation, data unleash the human potential, now data is about the freedom of choice, with essential and style, each piece of data is the truth, though not all data is created equal.

·   Big Opportunities: The scale and scope of the changes that such “big data” are bringing about have reached an inflection point, through listening to the customers feedback and conversation,  big data can predict customers’ purchasing behavior and shopping patterns, and therefore more precisely predict the next generation of better tailored products or services.

·    Big View about Future: Big data like those tea leaf, will help read the future,  , through shaking the data and visualize it, sophisticated analytics can substantially improve decision-making and optimize business process.

2. Why could “Big Data” also become the big distraction

·  How to leverage the limited business resource?

Enterprise has stuck with operational data already, struggle with data process to capture piece of historic business insight, now how to take additional resources to deal with Big data with such complex characteristics (3V +1C: velocity, volume, variety and complex), from data collection,  data storage, to the full data life cycle management, not mention to seeing through it and gain the business foresight

·   Big Elephant in the room.
How to handle the Big Data’s 3Vs + 1C: velocity, volume, variety and complex? Traditional data warehouse approach is no longer sufficient enough to tame the big data beast, big data may overflow the lake and river, directly merge into the big sea, how to surf on the sea smoothly takes both courage and skill, concentration with right direction, tools and methodology.
· How to hunt or cultivate the right analytical talent to master Big Data?

 Big Data becomes such a big phenomenon,  the right talents such as data scientists and statistics professionals are in high demand, dealing with big data could be even more challenging than dealing with enterprise data, how does business shape the long term talent strategy without too much distraction of today’s execution and operation.

3.  Why “Big Data” is means to the end, not the end?

·   What’s the mindset to handle big data?
The purpose of pursuing Big Data is about a laser focus on solving business problems, especially those strategic goals such as new revenue growth or how to delight customers, it may need imagination and integrative thinking skills : Don’t inundate with data details, foresee the trends, the future, and the organism.
 Traditional data management and business analytics tools and technologies are straining under the added weight of Big Data, the emerging approach such as open data framework with cost-effective storage solution may open the new chapter for data management.

  • How to revitalize business via Big Data point of view?
Big Data provides the possibilities for new innovation, instant on agility, and increased profitability significantly,  Big Data combined with advanced business analytics have the potential to give enterprises unprecedented insights and foresight into customer behavior and volatile market conditions, allowing them to make data-driven business decisions faster and more effectively than the competition.

  • How to overcome the biggest challenges facing in human society
To make the picture even bigger, it’s human’s creative nature to participate big conversation, brainstorm the potential solutions to the problems facing us today, such social context, and the technical ability to manipulate big data, visualize dynamics, recognize patterns and signatures creates new opportunities for humanitarian and development assistance in the most complex and dangerous environments.

Big data may just become the big hero to harmonize human society via its unique strength and broader vision.


2 comments:

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Big data is handling large amount of data. It is providing more accurate data.

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