Big data analytics is just one of a few trends currently defining the IT industry as part of the third platform of new technologies. Along with cloud solutions and mobile computing, IT practices as we know them are being drastically re-shaped by these new systems.
While they all come with their own unique benefits, they aren’t magic bullets and – unfortunately – don’t guarantee success. With big data especially, companies looking to implement these solutions need to prepare effectively.
The issues with big data analytics, and any sort of information analytics, stem from mismanagement of the sheer volumes that are generated by today’s computing process. According to research from National Instruments (NI), the amount of data produced more than doubles in each two-year period. This is great for those who can use it efficiently, but a nightmare for those who can’t.
NI also detailed the costs associated with mismanaging data that is important to a company’s operations. According to the firm, comprehensive data management results in companies that are 5 per cent more productive and 6 per cent more profitable, a noticeable difference to those lagging behind.
However, the answer lies not just in technology, but in finding the right people for the job. NI is forecasting the amount of personnel companies require to grow in proportion to the amount of data they produce. By 2020, NI believes up to 10 times as many of these professionals will be required to manage the world’s data.
On top of this, inefficient data management practices are strangling productivity. NI discovered that only 5 per cent of all data is filed in a manner that allows it to be analysed effectively, illustrating the challenges that businesses face in the area of big data analytics.