Big Data Means More Business Opportunities

At a time when many are unemployed, isn't it good news to actually learn that something's going to increase business opportunities (This will definitely translate to more job opportunities)?

It's a fact that new phenomena like Big Data have a disruptive effect on existing businesses even as they go a long way to create new ones. But most of the expectations on Big Data will depend on a number of other aspects of technology meeting up to minimum requirements...

Storage has to be cheaper, processing speed has to be a lot faster to cope with the huge volume of data, there is need for better software and more diversity in data sets. Well, the truth is that the future we so look forward to is now upon us. Consider the following facts.  Read them here...

Big Data To Translate To Big Sales In 2013

A group of experts have made predictions that point to the fact that Big Data will translate to big sales this year. According to Shashi Upadhyay, the CEO of Lattice Engines, Big Data's next frontier is sales and marketing. He sees the massive volume of data available to businesses today as an opportunity to make big sales based on insights gleaned from huge data analysis. Here's a summary of what was predicted:

1. Businesses will go beyond leveraging internal data to improve their sales and marketing. They will incorporate external data that will help them reach better conclusions on the best prospects and customers to target.

2. More professionals in sales and marketing will come to rely on insights gained from Big Data analysis. Many will start out small but spread the practice across board as their confidence in the process (machine-driven predictions) increases.

Find out the other predictions here...

Big Data: Transforming Our Lives In Many Ways

The volume of data we now create in two days is equal to data created from the dawn of civilization to 2003. That is, if we are to believe that Eric Schmidt, Google's executive chairman, knows what he is saying. But whether or NOT everyone believes the amount of data created now is in that order, we cannot argue with the fact that we have been hit by Big Data and are experiencing transformations in magnitudes that have never been experienced in history.

Chuck Raasch of USA Today draws our attention to the many ways our lives are being transformed. He also calls attention to challenges and concerns that come with the transformations we are witnessing.

On the positive side, we have Big Data to thank for when we look at a number of scientific breakthroughs that couldn't have been possible without this phenomenon. Businesses are having an easier job giving you exactly what you want. You can easily find answers to questions (be it a trivia question or locating a particular type of restaurant in a new city).

A tiny stall in a third world country has access to more information than the US presidents of just two decades ago.

Sports have been affected dramatically, thanks to Big Data. People don't really have to guess who their most valuable baseball player is. Big Data analysis can now show (a graph of) the "speed, location, trajectory and movement of every single pitch he has thrown in the major leagues." If this isn't amazing, I don't know what is.

Our lives are powered by Big Data in many ways we don't even bother to think of again.

But there are concerns as well. Read about the concerns here...

Steps To Help You Define Your Big Data Strategy

Big Data doesn't really change core data strategy principles. This is a paraphrase of the opening thoughts in an article (by Debbie Oates of TheDrum) that shows how to define your Big Data strategy. She draws attention to certain steps including...

1. Making sure you determine what goals you want to achieve and how they meet your business objectives

According to her, many organizations don't give this step the attention that it deserves. They usually have a preference for going straight "into the details" without making up their minds on exactly what they want to achieve. This is a critical step as it will serve as a reference down the road to determine what should be or NOT be part of the project.

2. Reviewing what your business needs to achieve set goals

It is one thing to agree on what you want to achieve. It's another thing to understand what you have to do to achieve it. You may need to change your processes but you can only do so if you know what has to change.

Read the other important steps here...

Big Data — Effects On Hiring Plus Privacy Issues

Frank Konkel, a reporter for FCW, draws attention to the fact that government agencies (and every serious business out there) might have no option but to reconsider their standards and priorities for human resource acquisition. The truth upon us all is that Big Data is something no one can actually brush

Therefore, it makes sense that every serious organization focuses on hiring employees that have some levels of expertise in Big Data. On the other hand, they might have to invest in training their existing employees who are willing to acquire such skills.

However, the question of privacy was also raised: If government agencies and many more companies are going to take a full plunge into Big Data, shouldn’t people be concerned about their privacy? Even with many companies already tapping into this realm with new technologies, isn’t there a need for tighter legislation to keep things safe?

While many believe that it is time to start talking about regulations that take care of Big Data, there is a feeling that it is still in such an early stage that going heavy-handed on legislation might NOT be the best route.

While the benefits of Big Data cannot be played down, the chances of abuses are huge. It is a fact that some organizations might create a business out of selling Big Data any how they deem fit. This is generally more of a concern to the older generation, though. The younger generation doesn’t seem to have many issues with having details about them shared more freely.

Should there be specific laws and regulations to guide Big Data? Yes, there should. But how soon should they be put in place? How far should they go? That depends on who you ask. The truth that was pointed out (that policy makers should bear in mind) is that Big Data will soon become as “main stream” as ecommerce within a few years’ time — It’s definitely NOT something that is going away soon.

Read my original post here...

You — The Source Of Big Data

Can you imagine what would become of Facebook if all its users decide NOT to add new content or take any actions on their site for a while? What about Google: Would it survive if people refuse to use its search engine?

These represent two of the biggest organizations that are in the forefront of Big Data implementation. The truth is that they are probably a decade or so ahead of other “innovative” companies. But look at their business models: They depend on their users to generate content and activities that help their algorithms rank better sites higher (in the case of Google’s search engine) or attract and maintain a large audience (in the case of Facebook) in order to sustain their various businesses.

So in essence, Big Data is the result of our activities. If no one uses Google’s search they won’t be able to give you better search results. In fact, they wouldn’t even have content to rank in the first place if you don’t create web pages. This means that they wouldn’t be what they are without us. If in doubt, check the stories of AOL and other entities which used to be choice destinations online just a few years back.

They know this and that is why they’ll do everything to keep us happy. They know that they can’t compel us to create content. They must make us want to do it. That is why it is such an open field. Newcomers are getting a piece of the pie as they provide us another avenue (or venue) for our content. Think Pinterest, for example, and you’ll get the idea.

Read the original post here…