| | July 20169CIOReviewThe impact of big data To understand how data has transformed our daily lives, look at how the movie rental process has been changed. When movies were rented from nearby stores, the store would recommend on which movies the customer said they liked and also by sharing their own opinions.Today, movie rental companies and content delivery services can utilize an array of data points to generate recommendations. By analyzing what was viewed, when, on what device, as well as user activities such as internet searches, and browsing and scrolling within a webpage, recommendations can be tailored for customers in real time and approximately 75 percent of views at a leading provider are now driven by these recommendations.Big data life cycleCreationThere are various types of data that we were generating for long but rarely been using in a meaningful manner:1. Location of a Person2. Restaurant they visit, food they consume3. Credit Card expense pattern etc.New technology such as advanced sensors and customized software can now record this information for analysis.ProcessingToo much large volumes of data were not traditionally captured and processed for many reasons, mostly because the cost was far larger than the value - companies could derive from its analysis. But due to many of the factors and new technologies the lowered cost is now leveraging the technology barrier for effective data processing, allowing mid size companies also, to be able to unlock the value contained in different data sources. For instance, it is difficult for conventional relational databases to handle unstructured data, so software frameworks like Hadoop, for distributed storage and parallel processing of large datasets have been introduced to process non-structured data at high speed; to perform a more detailed analysis of big data.OutputThough these days it is easier and cheaper to capture, store and process data, still it will not be useful unless the information is relevant; it should also be available to the right people who require the proper and accurate input in order to make logical decisions leading to successful results. There are three key enablers:Mobile -- mobile networks have allowed easier distribution of information in real-timeVisual/interactive -- technologies have brought the ability to review large and complex data sets into the average business users' realityHuman resource -- there is a new breed of employees with the knowledge to handle the complexities of big data and with the ability to simplify the output for daily useResources and processesAn important factor to achieve big data success is to have resources that have relevant knowledge and competency. This extends beyond the so-called data scientists who have deep knowledge and experience in handling, analyzing and reporting on big data sets. While these skill-sets are high in demand, success requires more than having a handful of specialists on the workforce. Big data has big potentialA key success factor for companies is the availability of right information at the right time. Businesses need to know what decisions should be made, when to take action and how these decisions will impact on financial results and achieve operational goals. Demand for this type of insight, ignites the growth of big data to enable them to make better, smarter, real-time, data-driven decisions that will change the way they handle their operations and compete in the marketplace.
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