Big Data Facts 8 essential facts about Big Data
Here are 8 essential facts about Big Data that you should know:
- Big Data requires a cultural change: Employee should be encouraged to collect data at all customer contact points and ask the right questions to get accurate and viable data.
- Big Data needs big support for IT: IT alone can’t achieve success; senior management has to sponsor projects and protect them even when the initial results are discouraging.
- Big Data demands big security solutions: That is because Big Data is a big target which is extremely valuable to cyber criminals trying to steal and exploit it.
- Big Data exists everywhere, even in places you’d never expect: You can put a sensor on a Starbucks coffee to discover information such as what the customer ordered and which ingredients were in it.
- Engineers will have all the leverage: For example, Mackenzie predicts a shortage of up to 120,000 Big Data engineers in the US by 2018.
- Privacy issues loom large: Consumers are getting smarter about all things including about how much information organizations are collecting about them.
- Governments are supporting: For example, the US has made available $200 billion for Big Data R&D efforts. This in support with other global governments is making public data available.
- Big Data isn’t just for big boys: Even SMBs can gain insights from relatively small volumes of information by combining their data with public datasets and social information.
65% of companies deploy Big Data technologies to boost the speed and quality of business decisions. 75% of markets plan to implement a Big Data analytics project within the next 2 years. The impact of Big Data is huge; by increasing the usability of data by 10% the average Fortune 100 companies can expect at least a $2 billion benefit. Additionally, Big Data provides many benefits that include foreseeing changes in demand and supply across an entire supply chain and revealing market trends and customer needs thus providing business with ability to create successful customized offers and incentives.