Connecting an Enterprise with Big Data- What are These?

Posted in Operations & IT Articles, Total Reads: 3021 , Published on 26 June 2013
Advertisements

An enterprise is often used as a synonym for any business. The word enterprise is mostly used with startups or new initiatives wherein risk is involved and that which demands greater level of investments and strategic planning. In the world of business, any project undertaken which is effort intensive can also be termed as an enterprise. An enterprise can be functional in products as well as service sector. As the present world is witnessing tremendous development in the service sector, more challenges are also being created in this domain.With new technology and a talented pool to complement it, the services sector experiences various breakthrough innovations and game changing strategies which are very essential for any enterprise to stand strong in the present and the future market.

Image Courtesy: freedigitalphotos.net


Any business today is supported by the information systems management as well. The IT companies are required to possess a very good foundation of systems management for their sustainable future. With the exponential growth in the business, companies have to acquire and store vast amount of data to be used as important information. Big Data refers to this vast sea of data sets which are extremely large and pose various difficulties for the management. As per statistics, we create 2.5 quintillion bytes of data every day which comes from everywhere starting from purchase transactions to social media sites. Companies use such data for various purpose .The analyses of such Big Data and converting it into useful information is what the needs attention. Big Data and analytics are the buzz words in the industry today.


“Data is a new class of economic asset, like currency and gold.”

Source: World Economic Forum 2012


Big Data Applications and Implementations:  What size of data can be classified as Big Data varies with organization’s capability of handling the same. Various data management techniques are being worked upon to optimize the data analyzing process. Several new technologies are being subjected to many innovations leading to the development of software to manage huge chunks of data. Some advanced technologies which are implemented in this process are genetic algorithms, association rule learning, cluster analysis, crowd sourcing, neural networks, pattern recognition, simulation, predictive modeling, time series analysis and visualization etc. Several parallel processing databases, data mining grids, distributed systems and cloud computing technology are also used.

Big Data spans across three dimensions: Volume, Velocity and Variety

 


Big Data Analytics is the methodology of examining the Big Data to bring about correlations and useful meaning from it, in order to use it for various purposes. This information derived from the Big Data can prove to be a competitive advantage for the organization. Some Big Data forms are Big Science, web logs, RFID, sensor networks, social networks, social data (due to the social data revolution), Internet text and documents, Internet search indexing, call detail records, astronomy, atmospheric science, genomics, bio-geochemical, biological, and other complex and often interdisciplinary scientific research, military surveillance, medical records, photography archives, video archives, and large-scale e-commerce. Technological processes are applied on these data by specialists and experts and put to business utilities. The Big Data market segment is growing very fast. Morgan Stanley has named the top ten (2013) as follows:

  1. Healthcare
  2. Entertainment
  3. Com/Media
  4. Manufacturing
  5. Financial
  6. Business Services
  7. Transportation
  8. Web Tech
  9. Distribution
  10. Engineering


With wide range of applications, enterprises are trying to leverage on strategies and innovations to make the best possible use and implementation of Big Data from various available sources. The data of today holds greater potential for future.

 

Strategies using Big Data- What are Enterprises doing at present?

Companies which make effective and optimized use of Big Data make their way to stand out in the crowd of competitors. The future market is expected to be even more competitive as compared to that of the present. So, in order to mark a ruing position for themselves the companies are planning their own Big Data solutions. There are four major Big Data strategies which can be used by enterprises for a profitable future.

These strategies are:

  1. Performance Management: It involves various techniques to analyze and understand the Big Data using queries and multidimensional analysis. For this purpose Business Intelligence tools can be used. The ease of use provided by BI can prove to be very helpful for the enterprises.
  2. Data Exploration: It involves statistics to derive the answers to several questions which would have very difficult for managers. Predictive modeling techniques, Cluster analysis and other such analytical techniques can be used to perform many targeted actions.
  3. Social Analytics: This involves analyses and management of huge data available on social media like facebook, twitter in the form of comments, feedback etc. Social metrics can be used to extract information ranging from awareness to popularity.
  4. Decision Science: It involves analyses of data using various techniques to improve decision making process.


The enterprises of today are planning on the lines of new strategies. Some Recently IBM launched Big Data security initiative to help customers protect their assets. RSA has also unveiled a new tool designed to help enterprises detect security threats at a faster pace than current technologies by combining big data management and analytics approaches with traditional network monitoring and threat detection techniques. Business Intelligence and analytics are paving a new path for future enterprises.


The Future Forum: It is expected that in the coming years computer applications and interactions will transform into more human like forms. Surveys predict that Big Data will definitely improve the social, political and economic intelligence.”Do it yourself analytics”, “Nowcasting” , “Intelligent Web” are the  research hubs today which will become tomorrow’s milestones.

 

The future of Big Data applications for the enterprises is immense. The enterprises just need to leverage on the availabilities of best options and optimize their business solutions. Thus, Big Data indeed has a Big Future.


This article has been authored by Swetali Kar from XIMB


References

http://www.iveybusinessjournal.com

www.ibm.com

http://searchbusinessanalytics.techtarget.com

http://www.computerworld.com



Advertisements


If you are interested in writing articles for us, Submit Here