In a recent article, MNP’s Kerry Mann, National Leader – Enterprise Resource Planning, discussed the costs, risks and challenges of...
What is Big Data?
Wondering what is Big Data? What do you need to know about it? Should you care? With all the hype in the media these days about Big Data, Amardeep summarizes just what you need to know. Remember Big Data is as relevant for small and medium sized businesses as it is for large enterprises.
- What is Big Data?
Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.
- Why is it called Big Data?
The word “Big” is used to describe the exponential growth and availability of Data. Data is growing in terms of 4 V factors.
V- Volume
V- Velocity
V- Variety
V – Validity or Veracity
Every day, 2.5 quintillion bytes (2500 PB or 2500000 TB or 2500000000 GB) of data is created, so much that 90% of the data in the world today has been created in the last two years alone.
*PB- Peta Byte *TB- Tera Byte *GB- Giga Byte
- Why Big Data should matter to you?
As storage media became inexpensive with advances in the storage technology organizations started to collect and store all the data they have. Now the question arises what to do with all that historical data or in other terms how to get useful information out of all that stored historical data. So Big Data solutions were developed to help organizations mine data and find ways to:
- Reduce costs and increase profitability
- Generate time reductions
- Enhance smarter business decision making
- Improve marketing
- Develop more efficient processes
- Determine the root causes of failures, issues and defects in near-real time, potentially saving significant money annually
- Improve research and development
- Recalculate entire risk portfolios in minutes.
- Quickly identify customers who matter the most.
Talk to us about how to include Big Data insights within existing or new business systems such as Sage ERP products or Sage CRM. Our expertise in Business Intelligence can assist you to improve your ability to compete by bringing together vast amounts of data and finding efficient ways to leverage it.
