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Major technological trends such as digitization, more apps and a boost in connectivity cause organizations to tackle a new challenge (and thus opportunity): the increase in data generation or the challenge to do ‘Big Data’.
The term of Big Data stands for the challenge to collect, organize and analyze new types of data: i.e.,
a bigger dataset (volume)
a more varied dataset such as pictures or speech (variety)
often combined with a faster data-requirement (velocity) and
a higher importance of accuracy (veracity).
These terms – the 4 V’s – jointly coin the term ‘Big Data’.
As element61 we see Big Data technology as a complementary technology in a traditional BI stack. It’s this technology that can help organizations handle bigger data volumes and simplify the delivery of intense or real-time analyses while avoiding skyrocketing storage and maintenance costs. Specific use-cases are the use of web or app-tracking data, handling of social media data in retail, analyses of network-log data in telecom or energy, use and understanding of connected devices such as monitoring tools in hospitals or machines in a production process.
For years, organizations considered Big Data an IT solution rather than a business opportunity. That changed when disruptors – such as Zalando – leveraged Big Data to their distinctive advantage: they had a unique 360° view on their customers, a personalized approach to all users, an understanding of social media, etc. Although their success can’t be claimed to only Big Data, their success was fueled by the ability to read, understand and use massive data-sources to take real-time decisions; after all: "what gets measured gets managed”.
Today, the essence of Big Data is to keep and use all of your organization’s data indefinitely, no matter the size or source. Its added-value is bringing together all of the data such that we can answer any type of question and the organization is empowered to make informed decisions.
Although this market is changing continuously, 2015 has been a year of breakthroughs as the world’s most mature software providers such as IBM, SAP and Microsoft are now offering a toolbox of solutions designed to abstract most-complex part of the technology and to guarantee integration with known BI solutions. Although all named different, most-needed Big Data modules return in all service offerings (Microsoft Azure, IBM , Google Cloud Platform). Solutions are offered with a choice of full-cloud, semi-cloud or on-premises.
As part of our end-to-end offering in Business Analytics, we offer at element61 the hands-on expertise ranging from building out a Big Data strategy to integrating a Big Data production environment within your BI stack.
Contact us for more information on our Big Data offerings.