In the article Overcoming Challenges To Make Big Data Profitable, the author goes over the immensity of the data collected every day and begins to break down how to analyze it and how to monetize it. Big data analytics, though exciting, will become most useful when it adds monetary value to a business or individual.
Big data comes from a Machine 2 Machine (M2M), Internet of Things (IoT), Mobile, Cloud, Data storage and networks. Because the amount of Big Data is so vast, the author has broken down the analysis of such into 5 V’s: value, velocity & veracity, volume, and variety. Variety encompasses structured and unstructured data, volume is the actual memory amount of data, velocity is the speed of processing while veracity is the uncertainty vs the reliability of the data, and finally value is how the data becomes profitable. Once can see that big data analytics, and its uses to create ecosystems, is becoming more complex every moment of everyday.
The key is to make the data manageable and able to be monetized. The three silos that need to be connected to be able to monetize big data and thus create the ecosystems of the future are business, technology and regulatory. On the business side, the big data analytics need to constantly be utilized to make sure it’s working and who it’s working for. This utilization leads to accurate forecasting. The technology side involves a competent and cutting edge workforce that is able to work in a multi-system, yet simple, infrastructure. The technology at work creates the ecosystem for the future. Lastly, regulatory requirements are constantly changing and the use, storage, and collection of certain types of data needs to be monitored. As a business, working within the means of the law is a must.
In conclusion, big data and the analytics of it present big challenges. Overcoming these challenges means analyzing the data correctly and efficiently while bridging the gaps between the three silos of business, technology, and regulatory. With a plan in place, big data can lead to big money.
Have we already started collecting too much Big Data?
What new laws could come about as more and more data is collected? Is the collection of some customer’s personal data with regard to habits legal? Ethical?
Will there come a point where businesses rely too much on Big Data, thus negating the human elements of business?