Big Data is Big Business
Big Data: We hear so much about it. Employees and organizations are creating, storing, using and accessing more data than they know what to do with. Through the use of mobile devices, massive amounts of data is being manipulated and shared and organizations are having a hard time not only keeping it secure but also leveraging all of this data to their benefit.
Research firm Gartner defines big data as “high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making.” That’s a sophisticated way of saying that big data is really the collection, storage and useful analysis of all the information companies have. But to fully leverage all of this information into useful actions, organizations need to embrace more advanced analytics, curation, search, sharing, storage and other technologies. Here is where solutions providers come in.
In fact, the need is so great that 85 percent of Fortune 500 organizations will be unable to exploit big data for any competitive advantage, according to Gartner. And if Fortune 500 companies with their giant IT budgets are struggling, the issue is even more severe at the small- and midsize-business level. This is the sweet spot for solution providers.
Information is power. Organizations realize that they need to better collect, store, access and then use data to be competitive.
Gartner breaks down big data challenges into three categories and solutions providers should take notice.
- Information Strategy: Using data needs to be a part of an organization’s strategy. “Big data is causing enterprises to find new ways to leverage information sources to drive growth,” according to Gartner.
- Data Analytics: Part of the issue is that although companies are gathering and storing a ton of data, they can’t really mine it effectively. Organizations need to be able to” predict future customer behaviors, trends and outcomes.”
- Enterprise Information Management: Every day, hour, second that goes by more data is being created. It is part of the “always on, always connected” world in which we now live. The volume, velocity and even variety of data being created are growing, and it is not going to slow down. Companies need to “manage access to growing extreme information management requirements and drive innovation in rapid information processing.”
Big data is not going away. In fact, it is only going to get bigger. Solution providers are the linchpin to helping businesses better manage their data needs. Big data is certainly a big business opportunity and will continue to be going forward.
Knock 'em alive!