Why now? Explaining the Big Data Revolution
Data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet. With the advent of Twitter and YouTube, this prediction has only been cemented further.
300 hours of video are uploaded every minute to YouTube alone.
All this is a staggering amount of data. But as the old Chinese saying goes, there is opportunity in Chaos. Organizations HAVE to take advantage of this data in order to sustain in the market. Equipped with the latest applications and technologies, companies have begun to harness Big Data and the insights have been unprecedented.
Without any question, Big Data can help organizations, big or small, to better understand their customers or to make superior hiring decisions. For instance, companies can now predict their sales and profits for the next quarter or the next year within a reasonable range. But these better predictions and forecasts shouldn’t be confused with perfect predictions and forecasts. There’s a fine line.
Certitude evades us; Big data only reduces it.
Big Data is largely consumer driven. One direct consequence of the consumerization of IT is that we are constantly generating, accessing, and consuming data. It is the consumer, being the end user, who indirectly decides the pattern in which this Big Data will be processed.
People these days confuse Big data and Business Intelligence to be the same. Although the ultimate objective of both is to derive value from information, there is a fine line between the two. It boils down to the type of data they handle. Business Intelligence cannot handle large unstructured and semi- structured data whereas Big Data solutions are designed to handle all types of data. This is why currently Hybrid solutions are being developed. Be that as it may, most organizations won’t be replacing their BI applications anytime soon.
But we have to keep in mind that Big Data is not an Elixir. It is not a magic wand that can solve all the data problems of an organization. It can however spot trends and deduce other meaningful predictions. But the need of the hour for an organization is not just Big Data. It is a combination of Big Data, Business Intelligence, Machine learning, Artificial Intelligence and Deep learning that can truly give organizations a much needed competitive advantage over their competitors.
And this is exactly what Busigence has been striving to achieve. To hit the right chord among these diverse and broad domains and build data products that would truly transform the way we perceive, manage and handle data.
Interested in knowing more about how Artificial Intelligence is being developed at Busigence? Check out our article on AI.