June 26, 2014

Business Information Transitions to Big Data 2.0

For many companies, the concept of Big Data is already known. The implementation of this system, however, is a different story. In many cases, companies are still trying to learn what the benefits of using real-time analytics for their specific business needs and while this is happening they are missing how the system is evolving.

In a recent LinkedIn blog post, Ahmed Banafa, a Big Data expert and instructor, covered Big Data 2.0. He mentioned that the proof of concept phase has passed and the ecosystem has reached the point where basic infrastructural capabilities for supporting big data challenges are easily available.

"Big Data 2.0 is delivering advanced analytics and visualization tools that allow users (who aren't data scientists) to derive timely, meaningful insight from their data assets is the key to helping organization 'see' the value from big data," Banafa wrote. "These tools help to fill in the 'last mile' of big data by presenting the complex relationships found within unstructured, structured, and even multi-structured big data in ways that make it easy to turn insights into action."

These changes are happening for several reasons and have created "undeniable trends" that are speeding up adoption. First off is the fact that the world has already changed dramatically because of digital technology and instant connectivity. There are hundreds of applications that are constantly creating new data.

Second is the fact that we are not done changing. Just looking at how dramatically things have evolved over the last few years, there is no telling what the future will hold. Because of this, organizations need to try and keep up or risk falling behind.

Third is the growing need for speed. There are already mountains of data so the biggest challenge is speed. The ability to analyze it quickly becomes a key factor in how successful a company can become.

Finally data is the new currency. Finding the gold hidden in the mountain of data is critical to attracting and retaining more customers.

Better data is needed in every organization whether you are looking to make price adjustments or considering an the sale of a business.