With digital usage and storage expanding to unimaginably vast levels, the current addition of data to the existing storage repositories is around 2.5 quintillion bytes. As IBM reports it, almost 90% of this data has been added to the online digital store over the last two years. Surprising but true!Informational content, videos, images, social media posts, records of transactions and digital communication signals and every other form of digital data that you can think of is what forms the BIG DATA.
The Shifting Focus
IT trends are changing at a great pace and the massive accumulation of data was sooner or later quite obvious to raise the question “What is to be done with the loads of data being piled up?” The analysis of this data to help organizations enhance corporate competitiveness is what is suggested by the Big Data model. With already flooding data in repositories today, Gartner report suggests that the data stored by enterprises is likely to increase by 800% over a span of 5 years from 2011 to 2015. From this data rise, almost 80% is expected to be present in unstructured format (videos, mails, social media posts, images and online documents) while 20% is expected to be structured (Customer Information gathered through forms and record of transactions).
This huge amount of data if properly arranged and analyzed through structured queries and algorithms is likely to reveal critical insights that can help organizations in understanding the patterns and connections in data leading to exposure of real-time business strategies for corporate success.
The Maturing Real-Time Analysis Approach
In the past few years, business firms have concentrated much on the use of real-time analysis to find out the hidden patterns in the data and to produce the result cases as opposed to a certain action or query. The use of batch subjection of raw data or information to a certain pre-defined algorithms has gradually started to decline in today’s business implementation. This can be seen as the welcome of big data analysis and its pre-acceptance in a form much needed for the evolving data revolution.
The Unforeseen Side Posing the Big Question
The Big Question “Is Big Data Analysis a Theoretical Concept or the Next IT Boom” still remains unanswered. The idea of Big Data analysis still needs to be strengthened to meet the real-time scenarios that somehow seem to weaken its foundation and thus its overall accomplishmentstructure. There are a few challenges that still question the success of this idea.
The first challenge is to collect all the different types of data from the different sources and combine all of it into one space in such a way that there is no recurrence. The second challenge is to build the algorithm or strategy to arrange this massive amount of data and analyze it accurately. The combined power of professional experts and IT flexibility has helped meet many challenges sincethe past which somehow lightens the doubt of this facility. The third challenge is to first analyze whether all the existing unstructured data is to be taken into consideration. Not every piece of data on the web is genuine. This calls for either filtration of data through certain levels or the establishment of certain parameters of genuineness. The fourth challenge appears to be the continuous addition of data that will be produced in the later years and will the world hold enough resources even in the future to accommodate and analyze the tons of data that is likely to be involved in the process?
The last most difficult of all challenges is to incorporate the successful implementation of this idea through the corporate arena. The cost incurred in this analysis is likely to be massive and ideally, a risky investment with no proper direction at this particular stage. Even with the incorporation of cloud technology with the process, the success of the actual implementation of this data is mystified. Even if the implementation goes as planned, there are chances that for some business firms or domains, this data appears suitable while the others fail to benefit.
There is still a lot to wonder about. Some large IT players have already taken the leap of faith into bringing out the unexpected from this data. The outcomes of this Big Idea are yet unpredictable. Can IT come up with the unimaginable developments this time as well? There’s yet a long way to go before achieving even an iota of confidence in this regard…