Sep 24, 2015
This article first appeared in Pipeline Magazine.
The Big Data train has left the station and is moving full steam ahead. By the time you read the opening of this article, look at what will happen:
It's crazy what happens on the Internet in just 60 seconds, and its growing leaps and bounds every day. In fact, industry analysts predict that global data traffic will be 100 trillion GB by 2025.
Well, one thing is for sure: we need to be prepared on all fronts. There's a lot to consider and there is no "one size fits all" answer.
The ecosystem of Big Data is no longer structured data, or data for traditional communication purposes, such as emailing and phone calls. Big Data now includes:
It's no longer just information; it's also the analysis of the information that we collect. Because Big Data is so vast and complex to understand in its full capacity, we can break it down into five V's:
Let's take a dive into each of the five Vs:
The variety and volume of data that is being passed through the networks is staggering which effects the velocity, or how quickly technology and organizations can break down and analyze the entire overload of information that's collected. We need to use efficient network connections, monitors and sensors to map out behavioral patterns and applications to shape these patterns. And, the bottom line with all of these V's is: Value: monetizing on Big Data.
There is no ownership over the Big Data ecosystem. It's constantly changing and legacy systems are having a hard time playing catch up. And it's no longer just data. It's also the analysis of the data which is critical as well. Long gone are the days when the most effective strategies that emerged from the operators' IT departments loaded up on new platforms, systems and "critical" functionality that were often underutilized, or even worst yet, not fully deployed. Operators must now focus on making their infrastructures "lean and mean" and be ready for innovative technologies on the horizon.
With the Big Data forecast for 2025, we need to respond, sooner rather than later, with systems and processes that make this data manageable and able to be monetized. Within every industry, everyone is asking the same question: how can we make Big Data profitable? As with any new technological paradigm, there are hurdles. The biggest challenges to monetizing Big Data can be divided into three silos: business, technology and regulatory.
On the business side, we need to focus on analytics, accurate forecasting, adopting new tools and technologies, and getting real-time insights. We need to determine how we can gain profit from something that costs time, money and resources to keep up with.
Real-time insights are the key to making sure that the analytics and forecasting are worth it.
Time is essential. Companies want to know what's going on immediately so they can figure out how to respond accordingly. Big Data can do this.
Technology challenges include our workforce, infrastructure and tools. Each are equally important.
We need to make an effort to train the workforce that's already in place and hire top talent to fill the gaps. It's a booming market for Big Data professionals. According to Forbes, IBM advertised 2,307 new positions in Big Data in the last 12 months. Those professionals with VMWare expertise, application development, open source technology experience, data warehousing and solid programming skills will be the ones to hire.
Simplify, simplify, simplify! Agile IT is the business and simplification is essential. From an architectural point of view, the fewer systems you have, the more agile you will be.
Using this approach, we need to be smart and build an ecosystem for the future:
To be successful managing Big Data, it's important to invest in proven BI tools and apps. The right tools provide the ability to leverage the vast amounts of data that's collected as well as gain invaluable insight. The best tools are the ones that are easy-to-use and provide interactive interfaces that help us gain control and make informed decisions with Big Data.
We need to be aware of existing and new regulations that restrict the use, storage and collection of certain types of data. Obtaining and analyzing data to improve business practices will help to increase revenue and decrease cost, but with new laws, regulations and governance over data here in the US and in other countries, it's important to make sure the methods in which data is obtained and used to generate new streams of revenue are in line with rules and regulations.
Despite all the challenges, there are many opportunities to monetize on Big Data and gain an advantage over the competition.
Across the three silos, there must be collaboration to overcome these challenges. For example, the business and technology silos need to work together to find synergies and automate IT and business processes for the most efficient and effective operation across the enterprise. Work together as a team and be smart.
Big Data is skyrocketing. With an evolutionary, innovative approach, businesses can use this opportunity to take the lead over the competition. If you would like to find out more information on how Excelacom can help your company overcome the challenges of making Big Data profitable, please contact us at: email@example.com.
Kelly LeBoeuf was Director of Marketing and Products at Excelacom. As Director of Marketing and Products, Kelly was responsible for the global strategy, planning and execution of all aspects of Excelacom’s marketing and portfolio.More about Kelly
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