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Gaining Business Value from Your Big Data Analysis

By SiliconIndia   |   Wednesday, 31 October 2012, 12:07 Hrs
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Bangalore: The big problem with Big Data is that poor understanding is leading to poor results. Many complain that Big Data analytics is not resulting in the creation of tangible returns. Those who do feel this way about Big Data will soon be in the minority, according to the recent Gartner reports stating that Big Data spending will reach a figure of $28 billion by end of 2012.

You simply cannot afford to ignore this technology. Mark Beyer, research vice president at Gartner predicted that big data will become a standardized requirement in the future.

Sohaib Abbasi, the CEO of Informatica in an interview with Sandhill.com, stated that Big Data consists of 3 chief distinct technologies namely; Big Transaction Data, Big Interaction Data and Big Data Processing. With a combination of them, Big Data can open up the doors of opportunity to businesses that want to differentiate themselves from their competition.

Dealing with Big Data is not as simple as just putting a tool in place to deal with the data deluge and expecting business to suddenly obtain great value as stated on Baselinemag.com. To begin with, you need to pick a tool which will be best suited for the needs of your industry domain and your company in particular. Secondly, you need to find the right individuals who will be able to make use of the predictive analysis and find patterns regarding what products or services by your company are working best in the industry. Many instances you will end up uncovering information that you did not know about your company. Maybe a particular product is lagging in sales and another is lagging in a particular geographical area. Such details can help in strategizing about what the next tactical business step will be for a company.

Finally a company should always be ready to adapt to the changing market scenario. The economy is unpredictable. To say that the effects of the recession of 2008 were unprecedented would be an understatement. The organizations that can expect to survive tough economic times will need a combination of flexibility and disaster planning. Both these activities will be enhanced by usage of predictive analysis of data. A company will have to craft their Big Data strategy with a lot of thought and ensure that they pick a solution that will yield benefits even over a long term.


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