Big Data Will Change Everything
Jan 08, 2016
Big Data Analytics has emerged from a vision of an always connected world. The goal: seamless connectivity among devices anywhere, anytime, and under any conditions to improve living standards and create new business opportunities in retail, health care, logistics, buildings, energy, cities, and the home. Big Data should increase environmental efficiency and reduce carbon footprints. It can also help businesses use their assets more efficiently and in more innovative ways to introduce new products and services, resulting in additional revenue streams.
Companies that effectively analyse and act on the huge amount of information available today and in the near future will improve decision making and enable the accurate delivery of advanced functionality like predictive insights. Pervasive, or ubiquitous, computing is gradually helping technologists worldwide to realize the Big Data vision.
However, Big Data doesn't come without its challenges--and the biggest revolve around making all that information consumable by the people who actually need it. As we've seen with other technologies--most notably in my sector, unified communications--the more complex you make a tool, the less likely it is that employees will use it effectively (or at all). So the real struggle for IT and line-of-business executives will be 1) surfacing the information people really need; 2) making it available easily and intuitively, when they need it; and 3) giving them the freedom to act on the information in real time (that is, in fact, where the real payoff lies).
The first two problems are a "simple matter of programming," as they say. No doubt, smarter minds than mine will find ways to make it relatively easy for users to search the massive amounts of random data for the exact information they need. Interoperability and integration will multiple data stores, applications and services will be required, as will a mobile-first development mind-set.
The more difficult issue will be the last, I think. For it will require that managers take a more hands-off approach than ever, by allowing their employees to react to information when they get it, in the best ways they see fit.
How do you expect to handle these and other problems as you embark on your Big Data journey?
In the meantime, for five examples of how Big Data will change the way people live and work in the next 10 years, see our latest market insight.
This May marks my 22th year with Frost & Sullivan. Being part of a fast-growing company and dynamic industry, an entrepreneurial culture, and a fun environment is invigorating and worth every moment. My professional and volunteer experience includes business and strategy planning, product and vertical market analysis, growth consulting, event planning and execution, sales and marketing, web design, and most importantly, creating and inspiring teams to be best in class. Consulting projects have ranged from strategy development to white papers to end user analyses. My focus now is to guide visionary CXOs and IT leaders through the next era of digital transformation with the help of a IT experts and analysts across all industries. Prior to joining Frost and Sullivan, I worked for Smith Barney for 5 years in its accounting division handling incentive compensation plans. In this position I was responsible, from an accounting and payroll perspective, for the capital accumulation and deferred compensation plans of top management and account executives. Thereafter, I worked as an account executive at Edward Jones, a brokerage company for approximately one year. In these positions, I learned much about the operations of a financial company, financial instruments, and sales techniques.