by Angela Guess
Jagadish Thaker recently wrote in Smart Data Collective, “Big data analytics has brought a drastic change in most, if not all, types of modern industries over the past few years. As data continues to permeate our everyday lives, the focus now has been remarkably shifted from the hype surrounding it to actually unlocking real value in its use. The industries that are widely levering big data applications are: Banking and securities; Communications, media and entertainment; Healthcare providers; Education; Manufacturing and natural resources; Government; Insurance; Retail and wholesale trade; Transportation; Energy and utilities. There is a great amount of value to be obtained from the vast amount of data organizations possess. Smart analytics can draw insights and value from data archives to fulfill business requirements while successfully meeting both budget and market challenges.”
Thaker goes on, “There are tremendous opportunities for organizations to leverage data in new ways yet many challenges still exist. The most common challenges are:(1) Many organizations fail to identify the right data or have no idea how to best use them. (2) Insufficient storage capacity and analytical capabilities to handle the massive volume of data. (3) Many enterprises lack the right kind of infrastructure or connectivity that can provide seamless access to data. (4) Since data may come in a variety of formats, organizations often find it difficult and expensive to analyze and dig up insights. (5) Data is generated at the exponential rate of velocity, which makes it difficult to perform real-time analytics that uncovers the intelligence they contain.”
Photo credit: Smart Data Collective