There are some big things happening around big data. I’ve had the chance to work with various types of cloud, data center, and virtualization systems through the years. One of the biggest trends throughout these deployments has been the growth around data. I’m talking about infrastructure data, business-created data, and user-generated data as well.
The amazing part is the pace at which this data is being created. Furthermore, it’s not just large enterprises that are now seeing vast amounts of data points emerge from their IT and business systems.
But here’s the big question… how do you filter out all of the ‘noise’ this data creates? Most of all, how can industries and companies of all sizes turn data into usable information?
The latest IDC Big Data Analytics Spending Guide indicates that worldwide revenues for big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020.
"The availability of data, a new generation of technology, and a cultural shift toward data-driven decision making continue to drive demand for big data and analytics technology and services," said Dan Vesset, group vice president, Analytics and Information Management.”
"This year and over the life of the forecast, we're expecting to see healthy growth in spending on big data and analytics technologies from nearly all industries, including banking and telecommunications," said Jessica Goepfert, program director, Customer Insights and Analysis. "Within banking, many of these efforts are focused on risk management, fraud prevention, and compliance related activities. The customer experience is at the heart of the telecommunication industry's BDA investments; for instance, BDA technologies are being deployed in call centers to enable representatives to delight callers with superior service."
Here's the point… You’re creating data. Right now, even as you read this. But how are you leveraging this data to make it truly a part of your business?
- Integrate data as part of your service delivery architecture. Integrating data analytics needs to become as easy as requesting a virtual machine or a cloud application. Business segments need to be able to ask for data points to understand how various parts of their organization is doing. Similarly, IT uses data to create real-world efficiencies within their data centers. This can be in the cloud, on-premise, or at the edge. Right now, data analysis is a very manual process for a lot of organizations. Moving forward, there must be a more intuitive process around data processing to help your business progress in a very competitive market.
- There’s gold in those mountains of data. IDC recently said that by the end of this year, revenue growth from information-based products will double the rest of the product/service portfolio for one-third of Fortune 500 companies. When you capture, correlate, and leverage data generating within your business – you suddenly enable a much greater field of vision. You create capabilities to understand your market, customers, and the services or products they want today and in the future.
- Leverage advanced technologies like analytics, machine learning, and data modeling. Today, we’re already seeing major cloud-infrastructure providers invest in advanced technologies to either acquire or build upon their own machine learning expertise. “Solutions built on machine learning automate the IoT data modeling process, removing the labor-intensive and circuitous activities of model selection, coding, and validation,” concludes Ryan Martin, Senior Analyst at ABI Research. “This ‘write once, run anywhere’ mentality has already seen big buy-in from companies like Amazon, Google, IBM, and Microsoft to make advanced analytics more accessible to a broader and more evenly-distributed workforce. This will open the road for widespread adoption of machine learning.” The question for is simple – Do you have data analytics tools in place to help you better understand all of the data you’re creating? Or, once again, is it still a manual process? Many of the organizations I work with are already investing or, at the very least, are running PoCs around big data or data analytics solutions. If you’re stuck in your own business segment or want to experience growth – look deeper into the data you’re already creating to get some answers.
There’s no slowdown when it comes to the creation of more data in your ecosystem. A recent study done by Machine Research showed that by 2025, IoT will generate over 2 zettabytes of data, mostly generated by consumer electronics devices. However, it will account for less than 1% of cellular data traffic. Cellular traffic is particularly generated by digital billboards, in-vehicle connectivity, and CCTV.
They further pointed out that the total IoT revenue opportunity will be USD3 trillion in 2025 (up from USD750 billion in 2015). Of this figure, USD1.3 trillion will be accounted for by revenue directly derived from end users in the form of devices, connectivity and application revenue. The remainder comes from upstream and downstream IoT-related sources such as application development, systems integration, hosting and data monetization.
That last part is probably the most important. It’ll be up to you to leverage the data you or your customers are creating to make better business decisions. Whether you’re provided services or products – the data within your IT and business ecosystem can help you create new strategies, adjust visions, and allow you to become a bigger part of the digital market.