Since the term was first coined in 2009, Big Data has enjoyed a meteoric rise.
Search and social media data sources provide evidence of this trend. The graph below sourced from Google Trends shows the rising search interest in the term. While on Twitter, Big Data has been mentioned 3,730,000 million times in the past year alone.
Considering the incredible interest in this technology we asked three leading experts from Hitachi, Goldsmiths University and Avnet to share one aspect of Big Data that excites them:
Lynn Collier, Hitachi Data Systems’ UK & I Chief Operating Officer
While the implementation of big data analytics is still in its infancy within many businesses, it has the potential to transform customer experience and discover new revenue streams for businesses everywhere.
Services such as Street Bump and Walk Score, born in the digital world, succeed thanks to their ability to store and analyse data from numerous sources.
These digital-first businesses are using data to obtain insights on critical questions including:
• Where is the competitive edge, upsell or cross-sell opportunity?
• Is my business supporting good governance and, in many cases, demonstrably complying with regulatory requirements?
• Can my business pre-empt challenges to the supply of service, keeping my operations up and running when competitors are not?
Dr Chris Brauer, Director of Innovation and Senior Lecturer at Goldsmiths, University of London
Wearable technology offers the critical missing piece of the big data puzzle. Data about human capital.
My research has found that obtaining and analysing data from wearable technologies can provide a rejuvenated form of 'management science', optimising workplace productivities and performance through everyday integration of these devices and sensors into the workplace.
Looking forward employees' biometric data, captured by wearable devices, will also give businesses valuable insights as to how working environments could change for better wellbeing.
Craig Smith, Data Analytics, Cognitive Computing and Internet of Things Solutions EMEA, Avnet
Interconnected devices in the Internet of Things (IoT) are generating more and more data, which is forcing data analytics to become even more intelligent.
We’re only now starting to scratch the surface, as this vast amount of data must be interpreted to gain actionable insights.
The danger is that data for customers investing in this area is being diluted through information overload. As a result, in the coming months and years, there will be even more of a focus on gaining actionable insights to make the data practical and profitable.
In recent months, I have noticed a renewed focus on data visualisation tools to present data in digestible chunks, on any device. This is opening up more doors for industry growth and is helping customers improve business outcomes through data analytics.
If you want to find out more about the power of Big Data, a good starting point would be my blog on its impact on healthcare.