What is fundamentally true about Big Data is that by quickly filtering into the most operational aspects of business life it has established its presence as one of the most impactful results of technological progress of the last few decades. Perhaps, it might even be the very reason for that progress.
More and more organisations have come to realise that, if they’re able to leverage the minefield that is Big Data, they’re able to secure present and future success and progress more easily—especially compared to when they just tend to ignore the potential of all the data they have.
Simply put, Big Data and data analysis are here to stay—and organisations will have to make sure they leverage it if they want to succeed today and in the future as well.
Big Data is Informing Today’s Business Like Never Before
In an increasingly interconnected, immediate, and universal economic landscape, viable knowledge is the single key asset in understanding how to plan, execute, and navigate the path to success and make the right decisions. Through the evolving cumulative processing power of technology, all personal and commercial interaction points can be effectively analysed and mapped to recognise patterns and trends that inform insights. These insights bestow businesses with an understanding of real-time and historical performance, thus enabling more sophisticated and effective decisions and plans based on accurate foresight to evolve and generate next-step strategies.
Case in point is the Australian telecommunications giant Telstra, which is encouraging a state-of-the-art approach to Big Data use and has deployed a predictive analytics system based on it. This system uses real-time operational data gathered across Telstra’s network to take the pulse of performance and identify network problems even prior to occurrence.
This is basically preventative healthcare for communications and will save billions in detecting emerging issues instead of directing huge-scale remedial measures to fix huge system problems after heavy losses have already occurred. In medicine and hospital technology, imagine the systemic societal benefits of deeply embedded Big Data mechanisms that empower doctors to diagnose and treat early-stage disease symptoms, increase successful recovery potential, and, as a result, mitigate the costs associated with major healthcare procedures.
Big Data is No Flash in the Pan
Big Data is not a technology fad simply because it is the logical outcome of how technology has been developing. Technology’s premise is to increase the efficiency and effectiveness of systems and devices by working for us, and our ability to record information to do just that actually started thousands of years ago when writing was first invented.
In other words, Big Data is a key result of maintaining records and then building upon it, enabling the extraction of value from the trends, insights, and patterns revealed. One could argue that the only things that have really changed are the devices, platforms, and technologies, resulting in an ever-increasing capacity to gather and analyse data for different purposes in different industries.
That said, this is still an ongoing process. As long as we continue to make transactions and communicate, we produce data. And if we continue to gather and analyse data, the benefits and its application will continue to improve and evolve. Sky’s the limit, as they say.
Big Data Challenges
With all its benefits and potential, there are still roadblocks in maximising Big Data’s potential. Aside from the issues of how to adequately structure data storage for logical and easy access and use, the problem of separating the “noise” or useless data from useful data can be frustrating, especially if you don’t know what the “right” kind of data is.
There’s also the issue of access. In many organisations, only a select few have access to important data. Also, departments within a business may not want to share information, resulting in the “silo mentality.” In both cases, data gathering, analysis, and use is hindered which may impact strategies. To overcome this kind of thinking, a data-driven culture which cultivates proper sharing and ease of access to data is needed.
However, many businesses still don’t have the proper protocols, procedures, and regulations to effectively handle Big Data gathering and analysis. It is up to the owners, managers, and key decision-makers to educate themselves about Big Data, so they can effectively use it for their organisations.
The good news is, more and more companies are picking up the data mantle, not only for their benefit but also to help other companies use Big Data. Also, as we’ve said, technology is on a constant march towards more progress which means that, together with the Internet of Things (IoT), we can expect bigger things from Big Data—as long as we have the right tools and management practices.
Make Big Data Do Wonders for You
Not everyone is equipped to make Big Data work. At Latize we can help solve this conundrum with our intelligent platform Ulysses, which builds a knowledge web of your data and the relevance of different information hidden in your data. You can then derive outcome-based solutions to take your business to the next level. Contact us today to know how we can help you make the most out of your data.
