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Big Data

The pace at which the technology is continuously impacting business landscape has increased penetration of Big Data across industries irrespective of the size. Extracting valuable business insights for both large and small companies is the next big technological disruption. Big Data is one of the key 4th Industrial Revolution business practice. Initially Big Data was deployed by large companies as only they could afford the cost. With advent of cloud-based technologies Big Data is now affordable. Even small businesses have started implementing Big Data technologies to make their businesses 4th Industrial Revolution ready.

Why Big Data cannot be ignored?
  • Rapidly Growing IoT Networks: Smartphones are used to control home appliances; all because of IoT (Internet of Things). With more companies now investing in IoT, large amount of data is already being collected. There is an imperative need to not only collect, but manage and analyse this data.
  • Dark Data migration to Cloud: Analogue databases that need to be digitised will have a major impact on business decision making.
  • Chief Data Officer: A new role, never heard of before has been in hot demand. Data is finally becoming a mainstream part of effective business decision making.
  • Technology disparity present in companies is a major challenge. Though professionals grasp latest technologies quickly but when it comes to replacing the conventional technology, they seem to be reluctant. Big Data alone is not sufficient as managing and bridging the technology gap is essential.
  • Data Privacy is another challenge. Even though the data protection offers certain level of security but there are chances of data mismanagement.
  • To operationalise Big Data as a mainstream technology successfully, issues like organizational alignment, business process and adoption followed by change management have to be dealt with effectively.

Big Data Across Industries

  • Kirk Borne, PhD is the principal data scientist at Booz Allen Hamilton and according to him there is a paradigm shift from ‘marketing hype’ to ‘ROI’ of Big Data. From the 3Vs
    – Volume, Varsity and Velocity it is time for Big Data to provide the most important ‘V’
    – Value.
  • Ronald Van Loon, director of advertisement is of the opinion that world is set to reach 30 billion connected devices by 2020. Therefore, use of edge analytics technologies will continue to grow as many devices are producing large amounts of data are still not being analyses.
  • Ben Rogojan, data engineer who has his career focused on healthcare data has high hopes on Big Data. With the massive amounts of data (digital medical images), data scientists and big data professionals can make doctors work more efficiently.

The Human Capital:

  • Big Data comes with many challenges of its own. One of the key challenges is sheer complexity. How does the banking firm understand Big Data?
  • How does the Bank make sense of structured and unstructured data inflowing into their system?
  • Good talent is scarce. Finding that fine balance of Hard Science and Business Acumen is even rarer.
  • An upskilled workforce will have relevant knowledge of SAS/R/SQL/Python programming along with Statistical knowledge along with Data Visualisation.

How Can SkillUp Technologies help you leverage Big Data?

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