Monetizing Big Data

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We came across this article by Scott Stainken, General Manager, Global Telecommunications Industry, IBM. It our intent to cover “Big Data” on this blog. Your comments are appreciated.

In the history of business, data has never been more important than it is today. Knowledge has always been key, but we’ve never before been able to access, manage and act on so much real-time information.

The systems we are developing and deploying all over the world are helping enterprises understand and use all this ‘big data’ to make really smart decisions.

Click here for more.

For definitional purposes see the reference on Big Data from Wikipedia below:
Big data is a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The challenges include capture, curation, storage, search, sharing, transfer, analysis, and visualization. The trend to larger data sets is due to the additional information derivable from analysis of a single large set of related data, as compared to separate smaller sets with the same total amount of data, allowing correlations to be found to “spot business trends, determine quality of research, prevent diseases, legal citation analysis, combat crime, and determine real-time roadway traffic conditions.

As of 2012, limits on the size of data sets that are feasible to process in a reasonable amount of time were on the order of exabytes of data. Scientists regularly encounter limitations due to large data sets in many areas, meteorology, genomics, connectomics, complex physics simulations, and biological and environmental research.  The limitations also affect Internet search, finance and business informatics. Data sets grow in size in part because they are increasingly being gathered by ubiquitous information-sensing mobile devices, aerial sensory technologies (remote sensing), software logs, cameras, microphones, radio-frequency identification readers, and wireless sensor networks. The world’s technological per-capita capacity to store information has roughly doubled every 40 months since the 1980s; as of 2012, every day 2.5 quintillion (2.5×1018) bytes of data were created. The challenge for large enterprises is determining who should own big data initiatives that straddle the entire organization.

Big data is difficult to work with using most relational database management systems and desktop statistics and visualization packages, requiring instead “massively parallel software running on tens, hundreds, or even thousands of servers”. What is considered “big data” varies depending on the capabilities of the organization managing the set, and on the capabilities of the applications that are traditionally used to process and analyze the data set in its domain. “For some organizations, facing hundreds of gigabytes of data for the first time may trigger a need to reconsider data management options. For others, it may take tens or hundreds of terabytes before data size becomes a significant consideration.

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About Howard Oliver
The founder and CEO of What If What Next, Howard Oliver (holiver@whatifwhatnext.com) for more than 20 years has been an entrepreneur, writer, thought leader, PR Guru, business development strategist, technology evangelist, manager and consultant for numerous service, industrial and high technology companies. Howard provides leadership in the application of Agile and Lean project management methodologies for technology enabled social media marketing and PR campaigns that deliver revenue, customer and alliance engagement, and media buzz. Clients in technology and other industries recognize him as a driven, highly creative and disciplined thinker. He also created the WebVoyaging® brand, a market engagement methodology that optimizes the deployment of cloud based, best-in-class marketing automation solutions. The WebVoyaging® process is inspired by the great visionaries who conceived of and built history’s great sailing vessels, which helped establish trade routes and created huge wealth. An accomplished business educator, Howard has recently created the WebVoyaging® Master Class, a training program for organizations interested in implementing Lean marketing automation solutions. Howard holds an MBA from Wilfrid Laurier University, and a Bachelor of Commerce degree from McGill University. Howard is an avid sailor and collector of books.

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