Big Data Analytics – The Key to Making Profitable Decisions
The age of ‘Big Data’ is upon us. So much so, that in Ireland, the Minister for Jobs, Innovation and Enterprise Richard Bruton at a recent EMC and Enterprise Ireland big data conference declared that the Big Data market is growing exponentially – i.e. at a rate of 40% per year. The Irish Government ees massive potential for this sector. In fact, an initial investment of €1million has been proposed for a data analytics research programme as part of the ‘Disruptive Reforms’ in the Governments action plan for jobs 2013
So Big Data is big news these days and is discussed at length in academic and business circles, primarily due to the nature of the volume, velocity and variety of the data.
i. Volume of Data: The large amount of data being stored in data warehouses.
ii. Velocity of Data: Where the data is coming from.
iii. Variety of Data: Structured and unstructured data.
Since 2012, approximately 2.5 Exabyte’s of data was created every single day, a number which is doubling every three and half years or so. It’s hard to imagine but more data spans the internet every second than was previously stored in the entire internet twenty years ago. Today companies have more data than ever before. Data streams are coming from all kinds of new and not so new sources! Tweets, videos, clickstreams, content, and other varied and unstructured locations make up the illustrious expression. So Big Data is big business and companies need to know how to manage and make sense of it all.
Here’s an interesting fact for you. In the UK Government sector, it is estimated that the public sector could cut costs by £33 billion through better and wider dissemination of big data analytic solutions. These are without question big and very solid savings, which only goes to show the powerful return on investment a business intelligence solution can be!
Recently an economic study by the Centre for Economic and Business Research in the UK, found that if organisations invest in Big Data Technologies they could help generate £216 billion for the UK economy alone in addition to creating 58,000 jobs over the next five years.
Big Data’s contribution to the UK economy in 2012 was nothing short of staggering! It is estimated it contributed £25.1 billion to the UK economy. Meanwhile it is calculated that again the government could save £2 billion in fraud detection and generate £3.6 billion through better performance management in the same timeframe. These are some recent Big Data examples of solutions that have been implemented to great effect.
The growth of Big Data to the UK economy will have a positive knock on effect for companies looking to create more business through better customer insight, which will improve efficiency and encourage more dynamic innovation in business. Because of big data, managers can measure, and in so doing learn more about their businesses, thereby allowing them to transform that knowledge into improved decision making and performance. But in order to do so they need the necessary BI tools to help them analyse all of their data.
As exponents of Business Intelligence solutions, Covali attended the recent Big Data Analytics Conference in the Russell hotel on the 22nd June in London in order to demonstrate the agility and power of the GoodData Platform to handle ‘Big Data’. The conference was targeted at Business and Technology leaders from companies that are eager to leverage the opportunities that Big Data can bring to their business and industry sector. This brings me to how Covali and GoodData can add value to this dynamic sector. The GoodData Platform and Covali's data analytic applications have the strength to unlock the economic value of big data. As a platform GoodData offers a new way of interacting with business data across an organisation, whether it comes from a combination of data from Sales, Marketing, Operations, Finance, HR or other functions. The platform is shown in one web-based interface and lets you dive into anything you want, all in an intuitive and visually delightful way.
For further information on the GoodData platform, please contact Covali at +44 207 5588 029 or +353 1 2939302. We have the expertise to deliver insight into your Big Data streams so do not hesitate in contacting us!