With the advent of the cloud, social media, the term “big data” seems to be the current buzzword in the information technology sphere these days. Broadly speaking, it is used to refer to data sets that are just too huge for traditional systems (like relational databases) to house and/or analyze.
Most organizations’ preoccupation with data is being able to use it to provide analytics and business intelligence. Until recently, it is safe to say that most of the needs have been relatively satisfied by data warehouses and business intelligence tools from the widely known vendors (I won’t mention them here).
However, with the explosion of big data, even these large vendors are themselves in the midst of creating products and technology that will be able to analyze this information in useful and meaningful ways. New architectures and processing algorithms are being invented and it is indeed a new frontier. Moreover, big data is also projected to continue it’s exponential growth for the foreseeable future.
So why bother?
In the future, companies who want to be innovative, productive and have an edge over the competition will be those that can harness this information to gain greater insights of both customers and prospects. Imagine if this wealth of information was immediately transparent in decision-making events. The potential is enormous. Imagine if an organization can successfully integrate big data from multiple data sources and be able to know every touch point of each of its customers.