When McKinsey & Company, the well-known global management consulting firm, calls Big Data the “next frontier for innovation, competition and productivity” you had better pay attention. All trends point to a Big Data revolution: data science is becoming democratized and machine learning is showing up everywhere. Additionally, Big Data is one of Gartner’s Top 10 Strategic Technology Trends for 2013. But what is Big Data and how can you harness it’s power? How is it going to change the way you do business or affect consumers? These are questions that have answers; Big Data doesn’t have to be a mystery to you any longer. This week DailyTekk is focusing on unlocking the secrets of Big Data with the help of a few knowledgeable experts. Today I’ve asked them to explain what Big Data is and why it matters.
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What Is Big Data and Why Does It Matter?
According to Margaret Dawson, “Big Data describes data sets that are too large or too difficult to store, manage and analyze using traditional database software and analytical tools, and therefore require a new approach using distributed models and parallel processes. Big Data doesn’t necessarily have to involve huge amounts of data, as it’s more about the information you need to garner from the data and how hard it is to process it and gain intelligence from it, rather than the pure size. While data mining and business intelligence are not new, Big Data takes these to a new level, dealing with all data, structured and unstructured, across multiple sources and applications in a dynamic, and near real time fashion. And perhaps most importantly, Big Data uses data as a new source of competitive opportunity and success.”
“While most companies discuss and define big data in the context of the 3 V’s (volume, velocity and variety), another way to think about big data is the fact that most of it is a) unknown and b) unmanageable to IT organizations. The relevance of big data is significant because hidden among the daily terabytes that a single organization can generate are insights that can lead to better customer service, improved revenues, and deeper market understanding,” says Sanjay Sarathy.
SAP’s David Jonker: “First and foremost Big Data is an emerging trend where companies are harnessing their data in ...