Even seasoned data professionals can find the world of big data overwhelming. A company might be collecting market research interviews, a stream of information from social networks, supply chain data and sales figures from multiple sites.
Some say that Big Data is just Analytics repackaged, but there is a difference. It is especially important to understand the distinction because data driven companies have been found to outperform those who are not.
Otto von Bismarck said, “Politics is not a science, as the professors are apt to suppose. It is an art.” Truer words there never were. Even modern polling requires a healthy dose of interpretation and guesswork.
At first glance, big data may not sound like a topic for teenagers. But TED speaker Rick Smolan is on a mission to make it not just accessible, but fun. Smolan — who held a conference called The Human Face of Big Data in New York City a few weeks ago featuring TED alums Juan Enriquez, Deb Roy, Esther Dyson, Aaron Koblin and Jer Thorp — is asking students between the ages of 13 and 18 to become “Data Detectives.”
The rise of big data is an exciting — if in some cases scary — development for business. Together with the complementary technology forces of social, mobile, the cloud, and unified communications, big data brings countless new opportunities for learning about customers and their wants and needs. It also brings the potential for disruption, and realignment. Organizations that truly embrace big data can create new opportunities for strategic differentiation in this era of engagement. Those that don't fully engage, or that misunderstand the opportunities, can lose out.
There are a number of new business models emerging in the big data world. In my research, I see three main approaches standing out. The first focuses on using data to create differentiated offerings. The second involves brokering this information. The third is about building networks to deliver data where it's needed, when it's needed.
* Differentiation creates new experiences.
* Brokering augments the value of information.
* Delivery networks enable the monetization of data.
Gartner analyst David Cappuccio reveals top CIO concerns in the next five years; data virtualization plays a big role. (Data virtualization plays big in Gartner's future IT trend predictions: ORLANDO, Fla.