Big Data is one of those buzzwords everyone is talking about, but most companies are performing some kind of data analysis on their customers or suppliers and have been doing so for years without ever calling it Big Data.
There does come a time when the data being analysed is so huge and fast changing that specific Big Data tools are required, but the reality is that many organisations are already performing some kind of data analysis such as statistical regression that could be termed Big Data – without them even realising it.
A new study from Dresner Advisory Services backs up these observations. When asked specifically if they use Big Data, just 17% of companies responded yes on this survey. 47% said that it might be used in future. However, 59% of the respondents also claimed that Big Data is “critically important” to their business. Something is wrong?
The survey shows that the definition of Big Data is perhaps one of the problems here. Most companies don’t have petabytes of data to analyse and they therefore are performing data analysis, but not thinking of it as Big Data analysis. If the manager doesn’t think of the problem as big enough then they don’t use the term Big Data.
However there are many areas of industry where this is about to change, largely driven by technologies such as mobile and the Internet of Things. Think of an example such as a retailer needing to create the same customer experience for an in-store customer, as that same customer would receive online.
These problems require data. They also need it to be analysed fast. While a customer is in-store and tracked using their mobile device, decisions can be taken about whether to give the customer a discount code based on their profile. During payment, recommendations for other products can be made based on sales history.
All these processes are easy to imagine, some retailers are getting this sophisticated now, but to make it happen it needs the IT system to be joined-up with data that can be analysed in real-time – allowing the system to take decisions itself.
Another easy to imagine examine is with automobiles. Cars are increasingly connected to the Internet via smart phones and wi-fi. They will increasingly diagnose problems and communicate with the manufacturer without the driver being aware that the car is fixing itself. The amount of data captured and exchanged for this to work is enormous, yet in most cases the customer is entirely unaware of the processes taking place.
So how big is big might still be a question for many, but we are on the cusp of an explosion in data use – analysing this much information will certainly be a part of the bigger picture for Big Data.