Big Data and what to expect
Big Data is a term used to reference a big amount of data, which is stored and used, on a daily basis on the job market. Companies access its content to run their businesses and to develop their growth. It is worthwhile to remember that the amount of data is not the most important aspect of big data. Instead, what each individual company does with this data is of key importance.
Basically, data is analyzed and applied in a way that companies and people can make better decisions and gain new and better insights. This way companies can achieve growth and draw better strategic forecasts through the analysis of the data.
The term big data is a relatively new term. However, the process of storing and grouping data and information has been around for a much longer time. The term big data gained recognition in the mid-2000s, when Doug Laney defined the term in “three V’s”:
- Volume – Companies compile information and files from different sources. Previously, this would be a huge problem given the amount of data to store. However, thanks to the advancements of technology and the global digitization this is no longer an obstacle.
- Velocity - Streaming data and information has made the search and accessibility of it extremely fast.
- Variety – Data exists and can be saved in all formats.
What can we expect for Big Data from now on?
We have had a lot of advancements in Big Data and analytics in 2016. For this reason, companies are expecting even more developments for 2017. So, what can we exactly expect?
01 – We will see a big movement: small, medium and large companies will move to the cloud and steer away from data centers. One of the main reasons for this trend is to reduce costs. Additionally, it is very difficult, even for big companies to run their own Hadoop cluster (Hadoop is a software platform directed to cluster and processing big amount of data) and analyze all this information. Thus, migrating to cloud service companies will cut costs and provide them with the big data processing expertise that these companies offer.
02- Gathering of digital data and IoT machines. For all that has been published about this, combining IoT data is a long-term project for most of the companies. But a lot of companies have already started thinking about it and how it could benefit them. The biggest result from this aggregation of data would be combining the patronized data that humans can compile and data generated by machines. This will revolutionize the way we work today. A good example would be a drone-hosted data. (You can read more about this in: http://www.dronedata.com/).
03- More dark data will be used. What is dark data? According to Gartner, dark data is “the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes.” [1].
So, companies will gather all the information they have in paper documents, photos, videos, etc. and put it all inside a big data aggregation. This will facilitate the research for documents and/or information.
04- Protecting data and efficiently manage the permission access will become more and more important. The goal is to give all the users the same data but not all of them should be able to access all the content of it. Companies will develop a solution that only people with the right permissions can access the determined content. Besides that, this technology will be able to monitor and detect any type of infiltration.
Resources:
[1] http://www.gartner.com/it-glossary/dark-data
https://www.sas.com/en_us/insights/big-data/what-is-big-data.html#
http://www.techrepublic.com/article/6-big-data-trends-to-watch-in-2017/
4 comments on “Big Data and what to expect”
Comments are closed.
Hi Carolina!
I agree to your points, and would like to add an additional perspective to the “what to expect part”.
While large corperations have seemingly worked with advanced BI and analysis of large datasets for a long time, having worked as a business strategy consultant, I have seen how even non-techy managers in SMEs are now beginning to realize that there are clear competitive advantage to be derived from big data analysis. The companies I have worked with have mostly lacked the resources (human, capital and otherwise) to take full advantage of the data they have at hand, and so with the realization that effective data analysis is about to become a strategi imperative, my projection is that we will experience a steep increase in the demand for not only data analysis software, but also for data analysis intermediaries which will be charged with the ongoing collection and analysis of data. In other words, I think we will experience an increase in business process outsourcing related to data analysis and thus the proliferation of these “data intermediaries”.
Users who have LIKED this comment:
Thanks for your comment Kasper.
I agree with you.
I think that this increase of business process in data analysis, leading to “data intermediaries” is something that we will experience for sure.
Hi Carolina,
Great post, this was a great addition to the lecture! What I think is interesting with “what to expect with big data” is also how companies will be affected by new regulations, such as GDPR that is taking effect in May next year in the EU. These regulations restrict companies from saving information about users when they cancel their account with a service. This means that some of the data that companies have been collecting for years might need to be deleted, and that will affect the “big” amounts of data companies use to train algorithms. It will be interesting to see how the industry in the EU will react to this.
Thanks for a great read!
Users who have LIKED this comment:
Thanks for your comment Julia!!
Nice add to the subject. I didn’t know about these regulations. It will be a huge change in the way companies behave and work towards the storage of data from their clients. I’ll be expecting to see how the EU will react to this.