Big data is booming, and companies are scrambling on how to capitalize with more information than ever before available.
Organizations are expecting the amount of data managed to rise by 76% over the next 12-18 months, according to the Customer Management Exchange Network.
What is Big Data?
Before we delve any deeper, let’s explain the basics of big data. Essentially, it revolves around data sets that are too large and complex to comprehend with standard tools. This data comes from everywhere between social media posts to smartphone usage. Even quiz website Buzzfeed.com holds the ability to pass along info for profit, according to Time.com.
Why is it Important?
When the iPad and other tablets first became mainstream, TV companies, such as ABC, were unsure of how to engage with users on the new platforms. Now that a few years have passed, ABC has been able to integrate big data into its first major redesign since its app’s launch. One new feature includes the ability for users to view their Facebook and Twitter feeds within the app.
The University of Florida’s IT vice president and chief information officer has been utilizing big data to conduct brain injury research and see how oil spills impact the fisheries along the Gulf of Mexico. He’s able to get this information to the marketplace quicker than ever before with the tools accessible to the university.
Factors of Big Data
Well, what about the rest of us that don’t have access to those expensive tools that U of F does? Tools are just one factor when it comes to the potential impact of big data:
Platform – The way big data is viewed depends strongly upon the analytic system a company uses.
Privacy – When compiling big data, companies run the risk of getting hacked. In the wrong hands, this information could be abused.
Data Storage – Placing big data on internal servers can quickly become pricy. One option companies have is hosting information via a cloud.
Who is Using Big Data?
Data scientists or data analysts are some of the most in demand positions within the current market. These individuals have a variety of responsibilities, including data mining and compiling reports. They’re required to use creativity to locate patterns within data that allow companies to stay ahead of competition.
Since the field is in its infancy, an array of different career backgrounds are collaborating to fill empty big data positions. Some have mathematic, business, IT and advertising experience.
Big data isn’t going anywhere anytime soon. The companies that are able to effectively use it will survive.