An organization’s most valuable asset is its data which is growing exponentially, containing both structured and unstructured data. The increased number of smart devices in use and the social networking trend has contributed a great deal to this data explosion – widely recognized as Big Data. Managing and focusing on Big Data in an intelligent way is important for organizations to grow and will help them gain deeper insights and make wise business decisions faster. It enables business across all industries to improve in a number of areas, from customer service to product development.
Commonly characterized by 3 Vs – Volume, Velocity, and Variety – Big Data refers to information that can’t be processed by traditional database management tools. Organizations find it challenging to manage and gain value from Big Data that will ultimately satisfy customers. Some of the challenges that organizations face as they plan for Big Data Analysis include:
• What kind of data should be produced for analysis?
• Does it really give profit at this point in time?
• What about existing data management solutions?
• Do we really have the skill set to handle it?
• How secure is it?
In this Knowledge Sharing article, Babu Analakkat provides answers to these questions and encourages organizations to proceed with their Big Data Analytics project. Babu makes a strong case that, regardless of industry segment, customer behavior and interest can be clearly predicted by Big Data analysis.